CIM Group Sells Strata Wynwood Mixed-Use Development in Miami
MIAMI — CIM Group, a commercial real estate developer, owner and lender based in Los Angeles, has sold Strata Wynwood, a mixed-use development in Miami’s Wynwood district. The buyer and sales price were not disclosed.
The recently completed development spans a full city block and comprises two 12-story towers totaling 257 apartments, 27,040 square feet of retail space and an onsite parking garage with 474 spaces.
CIM Group and co-developer One Real Estate Investment, a privately owned real estate investor and developer based in Miami, opened the property in October. Situated along North Miami Avenue and bounded by 22nd and 23rd streets, Strata Wynwood’s two towers feature retail space on the ground levels, three floors of offices and eight floors of apartments.
“We were able to seamlessly blend these elements into an exceptionally functional and architecturally appealing property that enhances the dynamic Wynwood District,” says Shaul Kuba, co-founder and principal of CIM Group.
Strata Wynwood’s apartments range from studios to three-bedroom units. Residential amenities include a 24-hour fitness center, swimming pool with cabanas, lounge areas, grilling stations, open-air theater, music room and coworking spaces. The apartments, offices and retail space feature floor-to-ceiling windows that maximize natural light.
Additionally, locally based Legacy Fit announced last year it plans to open a 7,000-square-foot gym at Strata Wynwood that would serve as its flagship location and corporate headquarters.
Strata Wynwood is located on a 1.8-acre site with access to Interstates 195 and 395 via North Miami Avenue. The site is within a mile of the Intracoastal Waterway and is near Miami’s premier neighborhoods, including Midtown, Edgewater, Arts & Entertainment and Brickell.
CIM Group employs a staff of nearly 1,000 people and its portfolio comprises 135 urban communities and developments, including the $4 billion Miami Worldcenter development currently underway and the upcoming Centennial Yards project in downtown Atlanta. The firm owns and operates a portfolio totaling nearly $30 billion in value.
— John Nelson