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Cushman & Wakefield of Florida, Inc.
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Design 41
Cube Wynwood
Wynwood Park
Wynwood Garage
WYNWOOD | MIDTOWN | DESIGN DISTRICT
PRICING HIGHLIGHTS
The asking full service rental rate for the newly delivered Design 41 building’s fifth floor
office space was quoted at $57.00 PSF full service ($55.00 PSF, net of electric). The under
construction Wynwood Garage building quoted $60.00 PSF for the top floor office. The
proposed Cube Wynwd had quoted office rates at which ranged from $54.50 - $58.50 PSF,
full service (includes an operating expense of $13.50 plus janitorial and electric).
Because of the historical nature of the existingmarket that had a fluctuating and non-traditional
tenant base (with limited and inconsistent activity), historical statistical data was not relevant
to today’s pricing environment – which continued to be driven by hefty property sales.
Land prices maintained their upward momentum. From 2013 through 2016, property taxes
increased by nearly 200 percent (Complete Consulting Services Group). Investor demand for
sites continued through 2017. A third quarter $5.9 million sale in the Design District (a 4,500
SF retail building at 3740 N.E. 2nd Avenue) yielded a near $3.0 million gain from the previous
sale in 2013.
The third quarter of 2016 saw one of the largest purchases of property – the near $54 million
acquisition by the Gindi Family, founders of the Century 21 clothing department store chain.
Located at 2600-2630 N.W. 2ND Avenue, the existing older buildings will be redeveloped into
the Wynwood Park project – two acres of retail and open public park space.
The proposed mixed-use Wynwood Square development (including office) remained on the
market for sale. In 2004, the 0.85 acre site traded for $1.75 million or $47.23 PSF of land;
in 2015, the site (along with another parcel) traded for $6.3 million or $171.06 PSF of land
(allocated portion of transaction). Nearby parcels sold last year for over $600 PSF.
RedSky Capital
East End Capital
Thor Equities
The Gindi Family
The Related Group
Moishe Mana
ASG Equities
Situated within a block of Wynwood Square was the newly opened (midyear 2017) 50,000
SF Amazon “Prime Now” warehouse hub for food delivery services. Located at 101 N.E.
23rd Street, the landlord is Mana – one of the largest land owners in the vicinity
and the developer proposing a 5.7 million SF of mixed-use development
nearby. Amazon just executed another lease (for over 90 acres) in the
Suburban Airport West area, where an 885,000 SF fulfillment center
will be built and open by late 2018.
Well-funded and recognized corporate real estate and financier
entities are invested in this market, including such global and
national firms as: