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Owners of four Wynwood buildings want to sell after 14 years

Owners of four Wynwood buildings want to sell after 14 years
Sellers paid only $27 per square foot for property in 2002
April 11, 2016 11:15AMBy Sean Stewart-Muniz

2021-2039 Northwest First Place

The long-term owners of four Wynwood industrial buildings have placed their properties on the market, hoping to cash in on the neighborhood’s booming real estate prices.
Dubbed “Two Aces,” the properties are a collection of four small mid-century warehouses at 2021-2039 Northwest First Place, a few blocks away from the Mana Wynwood venue and the neighborhood’s epicenter near Coyo Taco and Panther Coffee.
Together, the buildings have roughly 12,400 square feet of leasable space, 75 percent of which is occupied, according to its listing with Avison Young. Tenants include Inkub8, a workspace for artists; Kor Media and Lighting, a production company; and Moonlighter Makerspace, a co-working business.
Aerial view of the four buildings

Potential buyers could also use the land for redevelopment: its T-5-O zoning allows for heights up to five stories, and Wynwood’s recent zoning changes favor higher density development. The buildings occupy a total of 20,000 contiguous square feet of land.
Avison Young’s Michael T. Fay, Joe Abood and Myles Stepner are handling the listing. No asking price was disclosed.
County records show the properties have been owned by a company called “Two Aces Holding Corp.” for at least 14 years. The company, managed by Isaias Del Sol and Sarah Del Sol, assembled the four buildings through two deals totaling a mere $295,000 in 2001 and 2002. That’s just under $24 a square foot — a price point that would cause many of today’s Wynwood investors to drool.
The Del Sols originally bought the properties through their company Isaacs Roofing & Insulation Co. before quit claim deeding them to the Two Aces corporation.
Wynwood has become a beacon of booming prices in this real estate cycle, with industrial properties that once traded for fewer than $1 million now getting snapped up by investors and developers for tens of millions.
New York giants like Thor Equities and RedSky Capital have each purchased swaths of the artsy neighborhood for eye-popping price tags. And as a result of those transactions, sellers like the owners of a waste processing plant and the Lehman Pipe & Plumbing Supply business are entering the market.

Source: The Real Deal

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