Gary Krat’s GK Real Estate 5 LLC Acquires Wynwood Development Site For $54 Million

The transaction involves a 1.92-acre development site located at 2401 Northwest 6th Avenue and 520-590 Northwest 26th Street in the Miami market. The sale was executed for $54 million, with the property encompassing 64,629 square feet of existing commercial buildings, resulting in a price per square foot of $835.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $54,000,000
• Buyer: Gary Krat - GK Real Estate 5 LLC
• Seller: David Sedaghati - Ultimate Equity
• Broker: Jordan Karp - Jordan Karp LLC
• Acres: 1.92
• Square Feet: 64,629
• Price Per Square Foot: $835

This deal marks the sale of a site that was previously planned for a substantial mixed-use project under Florida's Live Local Act, although construction has not commenced yet. The assemblage includes properties that have potential for significant development, adding value to the transaction.