GWealth Management has increased its presence in Miami’s Wynwood neighborhood with the purchase of a three-property portfolio for $25 million. The acquisition was made from Miami investor Steve Rhodes.
The portfolio includes a three-story office and retail building at 2121 Northwest Second Avenue, a one-story retail property at 2085 Northwest Second Avenue, and a surface parking lot at 172 Northwest 21st Street. Juan Arango Giraldo leads GWealth Management, which is based in Weston.
Apex Capital Realty’s Jason Abitbol represented GWealth in the transaction. Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors acted on behalf of the seller.
Rhodes developed the 27,500-square-foot building in 2016 after purchasing it for $619,000 three years earlier. He also acquired the one-story building and parking lot in 2014 for $3 million. The properties were listed for sale as a package deal for $28 million in 2022 but sold slightly below that figure.
The deal reflects ongoing interest from investors in Wynwood. In recent months, several large transactions have taken place in the area. Last year, GWealth bought the upper two floors of the Wynwood Sky Office Building at 1900 Northeast Miami Court for $23.5 million, with the same brokers involved as in this latest deal.
Other notable transactions include billionaire hedge fund manager Ken Griffin partnering with Goldman Properties to buy an office building at 545 Northwest 26th Street for over $180 million from Sterling Bay. Sterling Bay had previously refinanced with a $135 million loan to replace an earlier construction loan of $81 million.
In addition, Moishe Mana purchased vacant parcels at 2661-2701 Northwest Fifth Avenue from TriCap and Ral Development for $33.5 million this month; these sites had been assembled by their previous owners between 2018 and 2021 for a total of $31 million.
The continued investment activity signals strong demand and confidence among major investors in Wynwood’s real estate market.
