The Pérez family-led Related Group and David Edelstein's Tricap have divested the recently completed ground-floor retail space of the residential complex, branded under the NoMad Hotel, in Miami for US$33 million, according to property records. The buyer of the retail condo is Optimar International Realty from Sunny Isles Beach, Florida. The unit is leased to a Casa Tua hospitality concept and spans approximately 15,000 square feet at 2700 Northwest Second Avenue in Wynwood.
Joint venture partners Related Group and Tricap provided US$26 million in seller financing. The project, NoMad Residences, was completed this year after the 1-acre plot was acquired in 2021 for US$26.5 million and a US$142 million construction loan package was secured in 2024. The nine-storey building, named after the now-closed New York hotel, houses 329 condominiums. The NoMad brand belongs to Hilton.
Casa Tua's Expansion and Further Transactions in Wynwood
The Italian food hall Casa Tua Cucina opened in April at the NoMad Residences. Casa Tua, founded by husband and wife Miky and Leticia Grendene, already operates another food hall in Brickell City Centre as well as an upscale restaurant in Miami Beach.
The current sale takes place three months after New York-based Tricap sold a retail building in Wynwood, leased to the popular French bistro Pastis, to Moishe Mana for US$25 million, as reported by The Real Deal. In other retail transactions in Wynwood, the owners of I Scream Gelato acquired their 1,325-square-foot shop last year for approximately US$3.7 million.
Market Dynamics in Wynwood
These transactions underscore the continued attractiveness of the Wynwood district for retail investments. Demand for high-quality retail spaces, particularly those leased to established hospitality concepts, remains robust. The development of new residential projects with integrated retail spaces continues to contribute to the transformation and revitalisation of this dynamic urban area.
