Gateway Wynwood Snapped Up by CIRE Equity via $90M Credit Bid

Key Points

• $89.6M credit bid secured by San Diego’s CIRE Equity, led by Trevor Smith and Joshua Volen, via A10 Capital’s special servicer role

• High vacancy remains: ~87.8K sf office and ~4.9K sf retail space still available—nearly 45% vacancy

• Stabilization costs estimated at $10M for leasing commissions and tenant improvements to reposition the asset

The Gateway at Wynwood, a 195,000-square-foot office and 25,000-square-foot retail complex completed in 2021 by R&B Realty, has been claimed by CIRE Equity after R&B’s failed refinancing efforts. This case underscores the critical interplay between access to capital, leasing execution, and lender leverage in CRE bankruptcies. 

Auction & Ownership Transfer

• R&B Realty’s affiliates filed for Chapter 11 in 2024 after missing payments on a CMBS-backed loan stemming from a $113 million mortgage taken in 2023

• A bankruptcy judge approved a June auction; with no competing bids, A10 Capital—as special servicer—used its $89.6 million credit bid to win control, then assigned it to two CIRE Equity-managed entities

Asset Details & Financial Picture

• The mixed-use complex spans 195,000 square feet of office, 25,000 square feet of retail, and approximately 490 parking spaces, anchored at a creative corridor in Wynwood

• Current listings reveal approximately 87,785 square feet of office and 4,912 square feet of retail available—about 45 percent of space remains unleased

• Debtors estimate needing $10 million to cover leasing commissions and tenant improvements to fully stabilize occupancy

What This Means for Investors

• Location premia still hold: Wynwood commands top-tier rents, estimated between $48 and $85 per square foot, thanks to its creative, lifestyle-focused appeal

• Opportunity gap: A disciplined investor with deep leasing and capital expertise could unlock substantial upside in a value-add play

• Court leverage matters: R&B’s negotiations with Beach Hill Capital illustrate how the borrower can use restructuring timelines to chase higher-value outcomes

CRE Turnaround

CIRE Equity’s acquisition of The Gateway at Wynwood via a credit bid highlights the growing role of lender-backed acquisition strategies in CRE turnarounds. With nearly half the building vacant and stabilization needing a significant capital infusion, the next phase is about execution—leasing, tenant mix, and amenities. For investors with the right resources, this is a high-profile platform with urban elite positioning and value-add potential.