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Retail Hotspot Envisioned for Wynwood Site

Buyer Intends to Repurpose Existing Space
March 29, 2018
David Weitz and Erik Rutter of Carpe Real Estate Partners have plans to transform a longstanding marine repair facility in Miami’s Wynwood neighborhood into a trendy retail destination. And they say they can do it without wholesale renovations or new construction.

“The bones of the buildings are really great,” Weitz told CoStar News. “We don’t feel like we have to pour a tremendous amount of money into them today to make them special.”

Weitz and Rutter paid $14 million for The Oasis, a 1.66-acre assemblage at 2335 N. Miami Ave. The seller was the Goltens Company.

The two partners will activate an on-site courtyard and bring in food and beverage tenants, dry-goods retailers and creative office users. They expect the project to play out over the next 12 to 18 months.

The property is zoned for 400,000 to 600,000 square feet of development. New zoning laws for Wynwood in 2015 helped transform the neighborhood from a downtrodden warehouse district to an eclectic arts and entertainment community.

Although Weitz and Rutter have development rights at The Oasis, they insist they'll simply repurpose the existing 35,176-square-foot property for now. They say they’re more likely to build once additional development occurs in Wynwood.

"This site has a very unique feeling to it," Rutter said. "We're going to allow for the character of the site and the nature of the courtyard and the scale of the buildings to really speak for themselves."

Rutter added that he doesn’t anticipate any problems in leasing the space, considering that prospective tenants can tour the property without having to rely entirely on renderings.

“It’s easier to pitch somebody on a dream for a building that already exists,” he said.

Goltens had paid $220,000 for the property back in 1985, public records show. The company is moving to Miramar, FL, in southwest Broward County.

“This site was pristine,” said Mika Mattingly of Colliers International, which represented the seller. “It’s the cleanest warehouse I’ve ever seen.”

The property drew six offers, some higher than $14 million, but Goltens took this deal because it was all-cash, noted Colliers’ Cecilia Estevez, the lead broker on the sale.

The price per square foot based on the 35,176-square-foot building assemblage was $398. The entire property is 72,185 square feet, which equates to $194 per square foot of land, or $8.45 million per acre.

Weitz and Rutter were represented by Daniel Lombardi of Lombardi Properties in Miami.

The partners formed their New York-based private equity firm in 2017. They also own other sites in Wynwood and Miami Beach.

“We think Miami has a lot going for it,” Rutter said. "Specifically, we love Wynwood.”

Paul Owers, South Florida Market Reporter  CoStar Group   
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