Newmark's Eric Williams, Conor Lalor, James Sharpe and Andrei Larion Arrange $26M Sale of Wynwood Jungle Retail Property in Miami

Newmark has arranged the $26 million sale of Wynwood Jungle, a 38,946-square-foot retail property located in Miami's Wynwood Arts District, the firm announced August 20. Dallas-based Tabani Group acquired the asset from Robert Rivani and Black Lion Investment Group, which had purchased the property in 2021 for approximately $13 million.

Senior Managing Director Eric Williams represented the seller in the transaction. President and Head of Retail Capital Markets Conor Lalor, Director James Sharpe and Associate Director Andrei Larion also advised the seller.

Property Overview

Wynwood Jungle occupies a 0.7-acre block-through site spanning an entire city block from Northwest 23rd Street to Northwest 24th Street between Northwest 2nd Avenue and North Miami Avenue — addressed across multiple frontages as 43–75 NW 23rd Street and 50 NW 24th Street. The property was originally completed in 2016 and underwent a substantial renovation and repositioning in 2023, with more than $1 million in capital improvements that included common area upgrades, façade enhancements, the addition of outdoor dining spaces and rooftop restaurant activation.

The property is leased to a roster of food-and-beverage, hospitality and lifestyle tenants, including The Salty, Sora, Surinitea, Häagen-Dazs and 27 Club Coffee. At the time of sale, the property was approximately 50% vacant, with roughly 21,355 square feet of gross leasable area available, presenting lease-up upside for the buyer through turnkey second-generation restaurant spaces. The $26 million sale price implies approximately $667 per square foot.

"Wynwood Jungle represents a highly compelling opportunity to acquire a strategically located retail asset in one of the country's most dynamic urban neighborhoods," said Williams. "The property combines strong existing tenancy, significant mark-to-market opportunities and meaningful future densification potential, all within a submarket that continues to benefit from substantial institutional investment and population growth."

Development Potential

Beyond its existing retail footprint, the property carries significant future development potential. Existing zoning permits the development of up to 116 residential units or 234 lodging units on the site, with additional density available through Florida's Live Local Act.

Wynwood Market Context

Wynwood has grown into one of South Florida's most active mixed-use districts, drawing approximately 20 million visitors in 2025. The neighborhood has seen significant residential development, with more than 3,000 residential units delivered since 2022 and an additional 4,000 units expected through 2028. Recent notable investments in the area include the acquisition of the 545 Wyn office building by Citadel founder Ken Griffin and plans for the redevelopment of the 45-acre Mana Convention Center site.

Wynwood Jungle's immediate surroundings include a concentration of established retail and dining destinations such as 1-800-Lucky, Mayami, El Patio, Oasis Wynwood and La Sandwicherie.

Newmark (Nasdaq: NMRK) generated revenues of more than $3.6 billion for the twelve months ended June 30, 2026, and operates from over 195 offices with more than 10,000 professionals across four continents.

Sources: Newmark Press Release