RedSky, JZ Capital Sell Former Miami Rescue Mission Site for $19M
An affiliate of RedSky Capital and JZ Capital Partners sold the former Miami Rescue Mission property — located at 2233 NW 1st Court in Wynwood — for $18.6 million, according to the South Florida Business Journal.
FBWS Development Senior — an affiliate of New York-based developer Fisher Brothers Management Co. — purchased the 43,440-square-foot Miami Rescue Mission property, which has the potential to be developed into a mixed-use project, for $17.6 million.
Separately, RedSky and JZ Capital sold one of the site’s parking lot parcels for $1 million in a previously reported deal with Tricera Capital and LNDMRK Development involving the CUBE Wynwd offices.
The purchase price for the property — which hosts four industrial buildings — was significantly less than the $22 million Redsky and JZ Capital paid for the site in 2016, and is the third loss that the two companies have taken on Wynwood properties since 2020, the SFBJ reported.
The sale comes on the heels of the companies’ disposition of CUBE Wynwd, where the firms received $28 million for the 100,000-square-foot office building at 222 NW 24th Street, and the parking lot at 2200-2220 NW 1st Court, Commercial Observer reported.
The Miami Rescue Mission site previously acted as parking for the Cube Wynwd office. But Fisher Brothers will not have to provide parking for the office building on its new property, thanks to an agreement signed by the new owners, according to the SFBJ.