GWealth Management expanded its Wynwood holdings recently, acquiring a three-property portfolio from Miami investor Steve Rhodes for $25 million.
The Weston-based firm, led by Juan Arango Giraldo, bought a three-story office and retail building at 2121 Northwest Second Avenue, a one-story retail building at 2085 Northwest Second Avenue and a surface parking lot at 172 Northwest 21st Street, according to a news release.
Apex Capital Realty’s Jason Abitbol represented GWealth, and Dwntwn Realty Advisors’ Tony Arellano and Devlin Marinoff represented the seller.
Rhodes developed the 27,500-square-foot building in 2016, three years after buying the property for $619,000, records show. Rhodes paid $3 million for the one-story building and the parking lot in 2014.
The portfolio had been on the market since 2022 when Rhodes listed the properties for a combined $28 million. The latest sale closed slightly below the original asking price, but it reflects the staying power of Wynwood’s investment appeal.
A flurry of recent deals in Wynwood underscores the neighborhood’s draw for big investors.
GWealth bought the upper two floors of the three-story Wynwood Sky Office Building at 1900 Northeast Miami Court for $23.5 million last year. The same brokers in that transaction worked the latest deal.
Billionaire hedge fund manager Ken Griffin teamed up with Goldman Properties this month to acquire 545 Wyn, an office building at 545 Northwest 26th Street developed by Chicago-based Sterling Bay, for more than $180 million. The troubled Sterling Bay likely made a hefty profit after paying off a $135 million loan obtained in 2022 to refinance a previous $81 million construction loan. Also this month, Wynwood’s largest property owner Moishe Mana dropped $33.5 million for a pair of vacant parcels at 2661-2701 Northwest Fifth Avenue from David Edelstein’s TriCap and Robert Levine’s Ral Development. The joint venture paid a combined $31 million for the assemblage between 2018 and 2021.
