A company named Walnut Street Capital recently flipped two commercial properties in the Miami Design District. The company was able to receive more than twice the price they paid when they bought the property two years ago, which provided them with a very impressive profit of around $1 million.
The company, based out of Fort Lauderdale, sold the property at 185 NW. 45th St. and other property at 4501 NW. 2nd Ave. for a total of $2.05 million. This is quite impressive when you learn that they bought the sites in April 2015 for just $800,000. The company has been doing quite a few other things when it comes to real estate in the area.
The company that bought the space is Arsenal Gunners LLC, which is headed by Robert Dixon, a personal injury attorney. The price paid for these properties equates to around $1,424 per square foot. It is unknown what Dixon will do with the space, but many believe it will be the location where he moves his law practice. In addition, they believe Dixon will renovate the property to get it into shape. It is not known whether he will relocate his current office that is on Biscayne Boulevard or if this will merely be a second office for the practice.
The property sold because it was still a good price. They were asking $2.5 million and were still able to buy it for a bit more than $2 million. This was a gain for Walnut Street Capital, but Dixon was able to save money, as well.
Another reason the property sold is because of the location. It offered an easy connection to Wynwood. Since Dixon lives in the South Beach area, this would make his commute faster and easier.
Walnut Street Capital has also purchased the lease of Food Check, a bodega grocery store whose lease was not up until 2028. They paid more than $200,000 to buy a lease. The space features the building with 6,555 square feet of space as well as a 5,000-square foot parking lot. It’s unclear exactly what will happen with this particular space.
There are plenty of big changes coming to this area and the surrounding areas. It is a time of transformation, and that means good things for the local economy. There are many new commercial properties such as stores and restaurants coming to the area. In fact, there are slated to be more than 120 stores and at least 15 restaurants. In addition, there will be hotels, museums, and much more that will help to attract more people to the area.
Many areas around Miami are being revitalized right now. This brings in new retail outlets, which brings more jobs. This also increases the need for residences in the area. It is a very exciting time for this location, as well as other parts of Miami. Keep an eye out for other changes and construction that will help to improve the overall community.