Brick & Timber Collective Recently Purchased a Wynwood Mixed-Use Property for $9 Million

May 27, 2022

Brick & Timber Collective just increased their Wynwood portfolio with an off-market $9 million purchase of a newly finished mixed-use property.

The developer and real estate asset manager from San Francisco purchased a 3-story office and retail property at 2724 and 2734 Northwest First Avenue.

The mixed-use property is located across the street from Wynd 27 and Wynd 28. Kushner Companies and Block Capital Group are developing the site, with 152 apartments, 79,500 square feet of office, and retail space.

The building was purchased for $900 per square foot by Brick & Timber Collective, managed by partners Jesse Feldman and Glenn Gilmore. The property is leased to a bay area tech business that finished a 10,000 square feet makeover was finished one month ago.

According to public records, the seller, a subsidiary of Miami-based Fortis Design-Build, paid $1.8 million for the two properties in 2018.

The structure, designed by Florida International University Dean of Architecture Jason Chandler, has ground-floor retail, second-floor office space, and a rooftop deck that may be expanded, according to Polinsky.

This isn’t the first Wynwood project Brick & Timber Collective has been involved in. The company purchased a Wynwood Annex Class A office building in February for $49 million but plans on buying more properties in Wynwood in the future.

Brick & Timber Collective specializes in leasing office space to technology startups, and has been exploring Miami, notably Wynwood, for more than a year. “We were scanning the rest of the country to see which market would profit from the tech industry in the same manner that San Francisco has and we landed in Miami and Wynwood. There is a significant migratory change in progress.”