Sales  ·  Retail

Crunch Fitness Founder Sells Wynwood Retail Buildings for $24M

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Crunch Fitness founder Doug Levine sold a trio of retail buildings in Wynwood to Benaim X Partners for $23.5 million — nearly four times what the seller paid about a decade ago. 

The contiguous properties total 25,855 square feet, located by the southeast corner of the Miami neighborhood at 38 Northwest 24th Street, and between 2324 and 2328 North Miami Avenue.

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The low-rise portfolio, which previously served industrial purposes, is fully leased to tenants, including candle store Hotel Collection, the Backdoor Monkey nightclub and restaurant, the Caeli Smoke shop, Aroma 360 cafe and the Amor Miami restaurant and lounge. 

Levine, who sold Crunch Fitness in 2001, assembled the properties between 2013 and 2014, paying $6.1 million in total, according to property records. Representatives for Levine did not immediately respond to a request for comment.

Devlin Marinoff and Tony Arellano of DWNTWN Realty Advisors brokered the recent transaction.

“As someone with experience in emerging neighborhoods, I view Wynwood today much like Williamsburg, Brooklyn, a decade ago,” Eric Benaim, the principal of Long Island City-based Benaim X Partners, said in a statement. “Wynwood holds immense promise for both residents and visitors, offering boundless opportunities for living, playing, working, and shopping.” 

The newly acquired properties offer 215,000 square feet of development rights, though for the time being Benaim does not plan to substantially amend the portfolio, according to a statement.

Julia Echikson can be reached at jechikson@commercialobserver.com