New York-based Atlas Real Estate Partners is pleased to announce that it closed on 2301 North Miami Ave, a 13,353 sf 4-bay retail property located in Miami’s emerging Wynwood neighborhood Atlas negotiated an extended closing period, allowing them to enter the contract at an attractive vacant basis and lease up the asset prior to close.
Atlas has leased 3 of the 4 spaces to a mix of creative and artistic tenants that fit the fabric of the Wynwood neighborhood. “We plan to work with a group of local graffiti artists to tag the façade, creating a landmark property in Wynwood and providing additional exposure for our tenants” said Joe Stampone, VP of Investments at Atlas. The acquisition was financed with a 5-year floating-rate loan through Miami-based US Century Bank. In addition to the senior loan, Atlas crowdfunded a preferred equity piece through Fundrise, allowing accredited investors from around the country to own a piece of Wynwood.
“This acquisition was an excellent transaction for Atlas and its investors in that it perfectly fits our investment strategy of buying properties that generate strong cash-on-cash returns, at a significant discount to replacement cost, and that are located in growing neighborhoods” said Arvind Chary Managing Principal at Atlas. “We’re excited about the acquisition of 2301 and believe it offers our investors excellent risk-adjusted returns with significant upside opportunities as the neighborhood continues to mature,” said Alex Foster, Managing Partner at Atlas. The acquisition is the fifth for the Atlas Florida platform. The platform will continue to target value-add multifamily, office, and retail assets throughout Florida and is looking to grow the platform substantially in 2014.
