Thor Buys Miami Development Sites at Discount

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Thor Equities is back in Miami’s Wynwood neighborhood, where it bought discounted development parcels — one of which it previously owned.

The New York-based developer paid $30.3 million for lots that together span nearly 2 acres. The properties, which are mostly vacant, are zoned for up to 613,000 square feet of development.

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“Reacquiring one of our former assets reflects both our confidence in Wynwood’s growth and our ability to navigate market cycles,” Joseph Sitt, chairman of Thor Equities, said in a statement. 

Thor bought back a 0.73-acre site at 2724 Northwest Second Avenue for $10 million. The developer had sold the parcel for $28 million in 2023. 

In addition, Thor paid $20.3 million to acquire a 0.9-acre site at 179 Northwest 29th Street and 2825 Northwest Second Avenue from Gamma Real Estate, which had purchased the lots for $34 million in 2023. 

The seller in all the transactions was an entity tied to Brian Aronson, a Los Angeles-based attorney with law firm Mayer Brown. Aronson did not immediately respond to a request for comment. 

Thor has several ties to Wynwood. Just a few blocks north, it developed the 63,000-square-foot, Wynwood Walk retail building, which counts as tenants Puttery and Velvet Taco.

Julia Echikson can be reached at jechikson@commercialobserver.com