Last Remaining Industrial Holdout on Wynwood's Main Strip Sells for $41.5 Million
via Google Maps
Walk along the main strip of NW Second Avenue in Wynwood, and you'll pass a few art galleries, some fancy taco eateries, boho-chic boutiques, a Ducati dealership — and a huge pipe-and-plumbing-supply joint. Located in a 10,000-square-foot space at 2800 NW Second Ave., Lehman Pipe & Plumbing Supply, with its decidedly not-artist-designed orange and slightly paler orange chevroned walls, is one of the last remaining major industrial sites on Wynwood's main drag.
And now it's been sold for the jaw-dropping price of $41.5 million.The buyer is New York-based Thor Equities.
The site has been home to the pipe business for 68 years, according to the Real Deal, but the property last changed hands in 1995 for just $200,000 when ownership was transferred to a trust owned by the Lehman family. However, South Florida Business Journal reports the entire property was assembled, with Lehman adding the last piece in 1990, for a total of $636,600.
The five buildings on the property have a square footage of 45,000, but the total plot of land has rights to develop about 600,000 square feet of space.
The Real Deal reports that Thor, an international real-estate investment firm, will redevelop the site. A mix of retail, apartments, hotel, and/or office space could be in play.
Thor also owns several other properties in the area. The northern end of Wynwood's arts district in particular is dotted with now-empty former industrial sites, with Thor Equity signs promoting their use as temporary pop-up spaces during Art Basel. In fact, Thor recently also paid $26.9 million for a property neighboring the Lehman site.
Though some industrial sites and even a few art galleries remain in Wynwood, the sale is the latest event in Wynwood's rapid transformation from warehouse/industrial zone to slightly shady art district to some sort of fantasy hipster playground in a mere 15 years.
Get the ICYMI: Today's Top Stories Newsletter
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in Miami, delivered to your inbox Monday through Friday.