Related's $33M Wynwood sale is mostly a seller note

Related Group and David Edelstein's Tricap have sold the ground-floor retail condo at Wynwood's NoMad Residences in Miami for $33 million, with the sellers carrying $26 million of the price themselves. Optimar International Realty, based in Sunny Isles Beach, bought the roughly 15,000-square-foot unit at 2700 Northwest Second Avenue — about $2,200 a foot — which is leased to the Casa Tua Cucina food hall that opened in April; Commercial Observer reported the sale from property records.

Because the seller financing covers about 79 percent of the purchase price, most of the proceeds stay on the joint venture's books as a note rather than cash. Related and Tricap paid $26.5 million for the 1-acre site in 2021, took a $142 million construction package in 2024, and completed the nine-story, 329-condo building this year under the NoMad brand, which Hilton owns and which is named for a New York hotel that has since closed; the ground-floor retail alone has now brought in more than the acre cost, but as paper.

Miami's maturing commercial debt is being rolled rather than repriced, and this trade shows the roll executed at the point of sale. When the price a buyer will pay and the debt a lender will write do not meet, the seller closes the gap, and the headline number stops being evidence of what arm's-length capital would underwrite. A $33 million mark set by the party funding four-fifths of it is a financing decision at least as much as a valuation. The remaining $7 million came from a source the coverage does not identify, and the note's rate, term, and recourse are not described either; the firmest read on Wynwood retail pricing rests on paper the seller wrote.

The neighborhood's other recent prints do not tighten the picture much. Three months before this sale, a Wynwood retail building leased to the Pastis brasserie traded to Moishe Mana for $25 million, per The Real Deal, and the owners of the I Scream Gelato parlor bought their 1,325-square-foot unit for about $3.7 million last year, close to $2,800 a foot on a space roughly a tenth the size — a spread that suggests per-foot pricing here tracks the unit more than the submarket. What Optimar bought is the Casa Tua lease, and the tenant's other food hall at Brickell City Centre and its Miami Beach restaurant are the operating record standing behind it.

Related's wider 2026 pipeline makes the trade legible as capital recycling rather than a verdict on retail. The firm started a 494-home remake of Boca Raton's former Office Depot campus in August and paid $235,000 a unit earlier this month to close a $110 million Atlanta apartment purchase. Set against those, a $33 million retail-condo sale is how a developer pulls cash out of a finished tower without touching the 329 condos that remain the main event.

Until a Wynwood retail condo trades with a third-party lender holding most of the paper, $2,200 a foot is a price the sellers largely set for themselves.