Related Group Sells Casa Tua Space at NoMad Wynwood for $33M

Related Group has sold the 15,000-square-foot Casa Tua Cucina retail space at its NoMad Residences Wynwood project for $33 million, and it is carrying the paper on most of the deal. Records show the Miami-Dade developer sold the ground-floor space to a Sunny Isles Beach-based LLC led by Hernan Gleizer and Fernando Alpern of Optimar International Realty, financed with a $26 million seller-carried mortgage tracing back to Related Group, according to analyst firm Vizzda. The buyers plan to hold long term, Gleizer told The Real Deal.

Why it matters

A developer financing 79 percent of its own retail condo sale is a read on where ground-floor lending sits right now. Related is not walking away from NoMad Wynwood’s retail with cash in hand and a clean exit. It is staying attached as the lender, betting the buyer’s income covers the note rather than handing that risk to a bank. For sponsors elsewhere in Wynwood selling ground-floor retail at newly delivered condo towers, this is the going structure: seller financing carries the deal when third-party retail lenders will not step in at the multiple the market wants. The $2,200-per-square-foot price also sets a fresh comp for branded-residential retail in the submarket.

The numbers

The sale breaks down to $2,200 per square foot on the 15,000-square-foot space, which houses Casa Tua Cucina, the Italian marketplace concept that signed its lease in April 2022. Gleizer and Alpern’s LLC also owns the building’s other ground-floor retail unit, a 5,000-square-foot space with 870 square feet of outdoor terrace, asking $95 per square foot and still being shopped to tenants. Optimar International Realty brokered the deal for the buyer, with Fortune International Group representing Related as seller. NoMad Residences Wynwood, developed by Related, Tricap and Sydell at 2700 Northwest Second Avenue, opened this year as a nine-story, 329-unit condo building and is the NoMad hotel brand’s first branded-residential project, majority-owned by Hilton.

What’s next

Watch the Miami-Dade County Clerk’s recording index for the mortgage instrument to confirm the $26 million seller note’s term and rate, details Related has not disclosed. Gleizer and Alpern still need to lease or sell the second, smaller retail bay at NoMad Wynwood, and how fast that space fills is the next test of ground-floor retail demand there. Related has other Wynwood and Miami condo towers still delivering retail inventory, and this sale gives brokers a live per-square-foot benchmark for the next one.