{"id":289362,"date":"2026-05-29T21:05:08","date_gmt":"2026-05-29T21:05:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/289362\/"},"modified":"2026-05-29T21:05:08","modified_gmt":"2026-05-29T21:05:08","slug":"turkish-buyers-pick-up-wynwood-dev-site-for-15-million","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/289362\/","title":{"rendered":"Turkish Buyers Pick up Wynwood Dev Site for $15 Million"},"content":{"rendered":"

A Turkish company paid $14.5 million in cash for a Miami property at the crossroads of Wynwood, Midtown and Edgewater, marking a steep discount from the last sale.<\/p>\n

Terminal Wynwood LLC, managed by Ismail Murat Ozcan and Kayril Karabeyoglu, acquired the five-parcel assemblage at 85 Northeast 27th Street from Well Meaning Spaces, according to the seller\u2019s broker.\u00a0<\/p>\n

The 0.76-acre site includes a 23,150-square-foot creative office building. Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors represented the seller.<\/p>\n

The $14.5 million sale price reflects a 23 percent drop from the $18.75 million seller paid for the property in 2022, when interest rates were \u201cat or below 4.5 percent,\u201d Arellano said.<\/p>\n

The discount reflects the ongoing repricing of Miami development sites as higher borrowing and construction costs<\/a> weigh on land values, he said.<\/p>\n

The property was listed six months ago for $15.2 million, and the deal closed two months after a contract was signed, Arellano said.<\/p>\n

The buyer plans a transit-oriented, mixed-use tower that likely will blend apartments, condos and retail on the site, \u200b\u200bArellano said. Dwntwn is expected to work on entitlements for the project.<\/p>\n

The assemblage sits on what Arellano described as the most northeastern corner of Wynwood, where the neighborhood meets Midtown and Edgewater. The site is also near the proposed Wynwood Tri-Rail station, which would operate along the Florida East Coast Railway corridor used by Brightline.<\/p>\n

The site houses a creative office and Well Meaning Spaces, a coworking concept that predates billionaire Adam Neumann\u2019s WeWork. It was among Wynwood\u2019s earliest coworking projects, but it struggled to compete with newer office developments coming into the neighborhood. As newer office projects raised the bar for tenants, Well Meaning Spaces opted to sell rather than continue investing in the aging property, Arellano said.<\/p>\n

Recent billionaire-backed Class A offices have put Wynwood on the map as a magnet for major companies and investment.<\/p>\n

Among them is 545wyn, a Sterling Bay development<\/a> recently acquired for $180 million<\/a> by Citadel\u2019s Ken Griffin and the Goldman family. The building is home to tenants including PwC, the Winklevoss twins\u2019 crypto firm Gemini and MIAX Sapphire, Florida\u2019s first trading floor.<\/p>\n

Another is Wynwood Plaza, where billionaire investor Marcelo Claure is a partner. Jeff Bezos\u2019 Amazon holds the neighborhood\u2019s largest office lease<\/a> there, occupying 75,500 square feet.<\/p>\n

\u201cThe hardest part of any deal right now is trying to figure out what it\u2019s worth,\u201d Arellano said. \u201cThere\u2019s a lot of price discovery and underwriting that we have to do.\u201d<\/p>\n

\tRead more
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\t\t\t\t\t\t\t\t\t\t\t\t\t\"Ken\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Billionaire Ken Griffin partners with Goldman on $180M Wynwood office buy<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\t\t\t\"Daily\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Sterling Bay tops off 545wyn in Wynwood, Reich Brothers buys $70 million former Sears distribution center in Ocala<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\t\t\t\"Amazon\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Amazon in advanced talks to lease as much as 80K sf at Wynwood Plaza\u00a0<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A Turkish company paid $14.5 million in cash for a Miami property at the crossroads of Wynwood, Midtown…\n","protected":false},"author":2,"featured_media":289363,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[225,227,226,122380],"class_list":["post-289362","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hialeah","tag-hialeah","tag-hialeah-headlines","tag-hialeah-news","tag-wynwood-building-sale"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/289362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=289362"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/289362\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/289363"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=289362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=289362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=289362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}