GWealth Management has expanded its real estate presence in Miami’s Wynwood neighborhood with the acquisition of a three-property portfolio for $25 million. The purchase was made from Miami investor Steve Rhodes and includes a three-story office and retail building at 2121 Northwest Second Avenue, a one-story retail building at 2085 Northwest Second Avenue, and a surface parking lot at 172 Northwest 21st Street.
The deal was facilitated by Apex Capital Realty’s Jason Abitbol on behalf of GWealth, while Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors represented the seller. Juan Arango Giraldo leads Weston-based GWealth Management.
Records indicate that Rhodes developed the 27,500-square-foot building in 2016 after acquiring it for $619,000 three years earlier. In 2014, he also purchased the one-story building and parking lot for $3 million. The portfolio had been listed since 2022 with an asking price of $28 million; the final sale closed slightly below that figure.
Recent activity in Wynwood points to continued interest from major investors. Last year, GWealth acquired the upper two floors of the Wynwood Sky Office Building at 1900 Northeast Miami Court for $23.5 million, with the same brokers involved in both transactions.
In other notable deals this month, billionaire hedge fund manager Ken Griffin partnered with Goldman Properties to buy 545 Wyn—an office property developed by Sterling Bay—for over $180 million. Sterling Bay had previously refinanced the property with a $135 million loan in 2022 after an earlier $81 million construction loan.
Additionally, Moishe Mana, who is Wynwood’s largest property owner, recently spent $33.5 million on two vacant parcels at 2661-2701 Northwest Fifth Avenue. These were purchased from David Edelstein’s TriCap and Robert Levine’s Ral Development joint venture, which originally assembled them between 2018 and 2021 for a combined $31 million.
The series of recent high-value transactions underscores Wynwood’s ongoing appeal as an investment destination.
