I Scream Gelato Buys Its Store for $2,800 a Square Foot in Miami’s Wynwood

I Scream Gelato purchased its parlor in Miami’s Wynwood neighborhood for about $3.7 million, Commercial Observer has learned. 

The 1,325-square-foot retail condo sits on the ground floor of the new Society Wynwood apartment building at 2445 Northwest Second Avenue. The gelato maker purchased the asset after posting strong sales following the shop’s opening in May, said a source with knowledge of the transaction. 

The deal translates to about $2,800 per square foot. 

As the 10-story building was nearing completion last year, a joint venture including Alex Karakhanian’s LNDMRK Development, Scott Sherman’s Torose Equities and Michael Simkins’s Lion Development Group purchased a portion of the ground-floor retail space, which amounted to 32,000 square feet, for $23 million, The Real Deal reported. 

Besides I Scream Gelato, tenants included Starbucks, Nacho Daddy and Chama De Fogo Brazilian Steakhouse. I Scream Gelato operates 10 locations across five states, including one on Miami Beach’s Lincoln Road. 

The sale is yet another example of retailers buying the stores they occupy, while interest rates remain elevated and traditional real estate investors lay low. 

Since last year, Publix, the ubiquitous Florida grocer, has been on a shopping spree, spending $345 million to buy some of its stores in South Florida. Alo, the athleisure brand popular among celebrities and influencers, purchased its store in the Miami Design District as well as a ground-floor condo in Miami Beach, where it will open a location. 

Along Fifth Avenue in New York, Prada, Gucci’s parent company Kering, and Uniqlo have each spent hundreds of millions of dollars acquiring prime real estate since 2024. In April, Ralph Lauren purchased its SoHo boutique for $132 million. 

A representative for I Scream Gelato did not immediately respond to a request for comment.

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