Argosy Real Estate Partners Acquires The Wynwood Portfolio in Miami, FL
We are pleased to announce that Argosy Real Estate Partners, in partnership with Brick & Timber Collective, has acquired The Wynwood Portfolio, consisting of two Class A office/retail buildings containing 76,969 sf of rentable space located in the core of the Wynwood District of Miami, FL. The portfolio is currently 100% leased and was acquired from two separate sellers on an off-market basis. The Wynwood submarket is a vibrant and rapidly developing live-work-play district.
The Annex: The Annex is a Class A, 2019-vintage, eight-story, 58,099 sf office building that was acquired by the partnership in February 2022. The Annex is anchored by tenants Founders Fund and Atomic, two venture capital firms that together occupy 43% of the building. The Annex features 13’ exposed ceilings, floor-to-ceiling windows, a large rooftop patio, and private outdoor terraces on four floors. Leases at the property are below market and present an opportunity to increase rents to market as leases roll. The property was 93% leased at closing and in May 2022, the partnership signed a lease for all of the ground floor retail space, bringing the property to 100% leased.
2734 1st Avenue: 2734 1st Avenue is a Class A, 2022-vintage, three-story, 18,880 sf office building that was acquired by the partnership in May 2022. The property features 23’ ceilings and a large rooftop patio. While under purchase contract, the partnership executed a 10-year lease with a publicly-traded biotechnology company for 100% of the building.
Argosy’s operating partner is Brick & Timber Collective, a real estate investment firm with offices in San Francisco and Miami that focuses on acquiring boutique creative office buildings within high growth urban submarkets.