AJ Capital Buys More Little River Parcels To Redevelop Miami District
By Julia Echikson February 25, 2022 3:45 pm
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Adventurous Journeys (AJ) Capital Partners is expanding its Little River portfolio as it vies to transform the industrial neighborhood into Miami’s next cultural hub.
The Chicago-based developer purchased an assemblage of lots across the Miami neighborhood for $17.3 million, according to property records.
In one deal, AJ Capital paid $14 million for a 1.7-acre parcel with low-rise commercial buildings, totaling 24,295 square feet, located along NW 71st Street, at the cross streets of NW 2nd Court and NW 2nd Avenue. The seller was Elysee Investment.
In a second sale, AJ Capital paid $3.3 million to a Homestead-based individual investor, Jaimini Mehta, for commercial buildings totaling 6,525 square feet. Located at 255 NW 71st Street, the 18,392-square-foot lot surrounds the Elysee Investment parcel.
The deals come only three months after AJ Capital bought a large chunk of the neighborhood, offloading $79.9 million for 24 acres from MVW Partners. City National Bank of Florida, which provided AJ Capital with a $67 million loan in December for the larger sale, has now added an additional $29 million loan, per records.
AJ Capital is banking on the neighborhood becoming the next artsy district, not dissimilar to Wynwood, which also housed dilapidated warehouses before becoming one of Miami’s hottest neighborhoods. Little River, which sits just north of Little Haiti, is home to the Oolite Arts art center and The Citadel food hall.
In Chicago, AJ Capital has a track record of transforming industrial neighborhoods into buzzy areas, having developed the building that now holds a Soho House club.
Julia Echikson can be reached at jechikson@commercialobserver.com.
