Crunch Fitness Founder Sells Miami Offices for $24M

Doug Levine, the founder of Crunch Fitness, is slimming down his Miami portfolio, having sold the office component of a mixed-use building in Wynwood for $23.5 million.

Family office G Wealth Management acquired The Wynwood Sky, which features 43,559 square feet of rentable office space on the top two floors at 1900 Northeast Miami Court, on the southern edge of Miami’s Wynwood neighborhood. Tenants include Monster Energy Drink, Touchland and Aroma360.

Jason Abitbol of Apex Commercial represented G Wealth Management in the transaction.

In June, Levine put the property on the market for $27.9 million, according to Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors, who represented Levine’s Big Move Properties. 

This year, the office component, which is fully leased, is expected to generate $2.3 million in revenue and nearly $2 million in net operating income.

In 2018, Levine purchased the three-story building, which functioned as a warehouse at the time, for $10.5 million, and converted it into a mixed-use property. Two years later, the Miami Beach-based investor sold the ground-floor retail space to Los Angeles-based investor Mark Markos for $7.5 million.

Levine, who sold Crunch Fitness in 2001, has invested heavily in Wynwood and owns sites near the Wyn 545 office building. Last year, he also sold three low-rise buildings, part of a 0.7-acre assemblage at 2328 North Miami Avenue, for $23.5 million.

Julia Echikson can be reached at jechikson@commercialobserver.com.