Link investor

Link Real Estate pays $15 million for Little River Flex property

7101 and 7111 North Miami Avenue (Subway 1, iStock)

Link Real Estate, which has a mixed-use portfolio in Wynwood, is expanding into nearby Little River, picking up an office and retail building for $14.9 million.

The Miami-based company purchased the almost fully leased buildings at 7101 and 7111 North Miami Avenue from an entity led by John and Alan Matthews, according to the broker’s press release.

Juan Andres Nava of Metro 1 represented the seller and the buyer.

The Link Real Estate subsidiary, which it used to buy the real estate, funded the deal with a $10 million loan from Alliant Credit Union. Brandon Perdeck of Aries Capital guaranteed the loan for the buyer.

The 48,610 square foot property consists of a larger L-shaped building built in 1972 and a U-shaped building, built in 1974. The purchase includes an adjacent 0.1 acre parking lot, according to archives.

(Courtesy of Metro 1)

John and Alan Matthews, through an affiliate, paid $10.3 million for the property in 2018. It’s about 7% vacant, with a tenant likely signing a lease for part of the space available, Nava said.

The property mirrors Link Real Estate’s holdings in Wynwood south of Little River, in that it is zoned industrial but has been redeveloped for office and retail.

Link, led by Dan Arev, plans to rename the property from its current moniker, Little River Industry Building, to “The Workshop”, a name more in line with its current usage.

“When you think of a workshop, you think of creators, of artisans,” Nava said. “It’s a place to work, and it’s also like a flexible creative type space, so it not only allows for offices, but also sometimes workshops and showrooms.”

Among the property’s tenants is electric scooter shop Fluid Freeride, which has a showroom at the front of its space and a workshop at the back where it offers repair and maintenance of scooters.

Other tenants include interior design company Deft Union, delivery company GoPuff, Sol Box Fitness and Returnmates, which collects items from consumers and returns them to any online retailer.

Link Real Estate will renovate the property, including repainting and upgrading the electrical system, and plans to paint a mural on the exterior walls, Nava said.

The company’s Wynwood holdings include “The Print House” at 2509 North Miami Avenue, which is also an industrial building converted into offices and retail. He is known for his exterior murals resembling newspaper printouts.

Little River’s evolution resembles that of Wynwood, as it transforms from a neglected warehouse district into an office and retail area. In February, a buying entity managed by Benjamin Weprin, founder and CEO of Adventurous Journeys Capital Partners, paid $17.3 million for a portfolio of warehouses in Little River.