Tyler Workman's WREV Acquires Miami-Dade Warehouse for $16M Amid Foreclosure Drama
WREV, led by Tyler Workman, purchases 72,477-square-foot industrial building for $220 per square foot while battling aggressive foreclosure action from lender seeking repayment of $9.2M mortgage debt.
Tyler Workman's real estate firm, WREV, has added another Miami-Dade warehouse to its portfolio with the recent acquisition of a 72,477-square-foot industrial building for $16 million. The property, located at 3400 Northwest 67th Street, was purchased for $220 per square foot and is WREV's fourth industrial property in the area. However, the deal was nearly derailed by an aggressive foreclosure action from a lender seeking repayment of a $9.2 million mortgage debt. Court records show that WREV's affiliate faced a tough battle to secure the property, but ultimately prevailed. WREV also obtained a $9.2 million loan from BankUnited, allowing them to move forward with the purchase. This acquisition comes just a month after the firm dropped $22.7 million on a three-warehouse complex in Miami. While WREV may have come out on top in this deal, the foreclosure drama surrounding the property highlights the cutthroat nature of the real estate industry. It seems that even a successful and established firm like WREV is not immune to the influence games and soft corruption that can plague the industry. Originally reported by The Real Deal.