Thor Equities has sold a Wynwood site previously approved for a mixed-use hotel development to a mystery buyer for $28 million.
According to Vizzda, Thor affiliates, led by chairman Joe Sitt, have offices in Miami at 2724 Second Avenue NW, 208 28th Street NW and 229, 235 and 245 27th Street NW The 0.7 acre combination was unloaded.
The buyer was traced back to National Safe Harbor Exchanges, a Phoenix-based firm that processed 1031 transactions on behalf of clients, according to records and Vizzda.Nationals principal James Baker and a Raytheon spokesman told real deal The buyer requested anonymity.
The buyer immediately leased the entire site to an entity managed by Los Angeles law firm Abram Roy, records show.
Part of the site is part of a larger portfolio that Thor acquired in 2015 for $41.5 million. The New York-based developer also bought a vacant lot at 2724 Second Avenue NW for $1.9 million a year ago.
Last year, Thor listed the vacant lot and four adjacent lots with an asking price of $32 million. The site has been approved by the City of Miami for an eight-story hotel with 211 rooms, 19,705 square feet of retail space and a 12,106 square foot rooftop terrace.
Two brokers told Devlin Marinoff and Tony Arellano of Dwntwn Realty Advisors that they had marketed a portfolio of five properties, but listings expired before they could be sold. TRD.
“We know what happened,” Marinov said. “but [Thor] Will not give us any details. “
Buyers are paying $912 per square foot, which is “outrageous for what the land is now,” Marinoff added.
Land prices hit $19.3 million per acre, or about $445 per square foot, in the second half of last year, a 51% drop from the first half of 2022, according to Real Capital Analytics data provided by Colliers.
The sale of the Thor portfolio also adjoins another development site acquired by a buyer on the 1031 exchange last month. New York-based Gamma Real Estate sold properties at 2825 Second Avenue NW, 169 and 179 28th Street NW and 166 and 172 29th Street NW for $26 million.
British co-living company The Collective has previously received approval from the City of Miami to build a 12-storey mixed-use project at the site, which will include 180 co-living units, 70 accommodation rooms and 9,500 square feet of ground-floor retail. But the development never materialized, and Gamma filed a UCC foreclosure against The Collective last year. Gamma purchased the property through a credit tender.
