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Commercial development in Allapattah is emerging from Wynwood’s shadow

Source: The Real Deal SFL

In recent months, commercial real estate interest in Allapattah has taken off. In early March, a company tied to the Rubell family purchased a 50,225-square-foot building at 1101 Northwest 23rd Street for $8.35 million. The property previously traded for $3.125 million in 2012. The same month, developer Michael Simkins picked up the McKenzie Construction warehouse for $3.58 million from Alex Karakhanian. Two years ago, Karakhanian paid $1.14 million for the site.

In 2013, an unimproved warehouse in Wynwood would go for $50-per-square-foot, Kohn said. Today, the price has leapfrogged to $120-per-square-foot, he added.

Allapattah is also unique because the neighborhood has a diverse array of commercial activity, from produce warehouses that sell to local restaurants and markets to a discount retail corridor along Northwest 20th street and industrial warehouses along the Miami River, Kohn said.


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