Wharton sells development site in Miami for $ 46 million



New York-based Wharton Urban, the operating platform of investment firm Wharton Equity Partners, and Cross Lake Partners, a private real estate investment firm, have sold Burdines Site, a development land in downtown Miami, for $ 46 million.

Located at 16 Southeast 2nd Street, the site covers an entire city block and is intended for a two million square foot mixed use development.

The buyer was a family office in South America, Wharton said. Real Deal has identified the buyer as Enrique Manhard, founder of the Uruguayan fashion company Chic Parisien, SA.

Following the acquisition of the troubled note from IberiaBank for $ 16.25 million on the 2.2-acre site, the partnership entered into a buyout agreement with the borrower and ultimately obtained title to the site.

The property, one of the largest undeveloped lots in Miami’s CBD, comes with previously approved site plans by world renowned architect IM Pei and Miami-based Oppenheim Architecture + Design, and also includes residential, hotel, retail and office components as well as part of the development.

“When we first saw this place, we knew immediately that it was a unique opportunity to acquire a 2 million square foot development in the city center on a very attractive basis, despite the fact that many local investors accepted the deal,” said Peter K. Lewis , Chairman of Wharton Equity Partners

… “While all eyes were on the Brickell marketplace, we believed in the future of Downtown, given the arrival of retailers, other projects in the planning, funding for new art and science museums and the expansion of the port. It is very gratifying that our opposite point of view has been confirmed, which has been a hallmark of Wharton for over 30 years. ”

The property is a few blocks from Brickell CityCentre, a nearly four million square foot mixed-use project located in Mary Brickell Village, and Met 3, a mixed-use project comprising 462 luxury condos and the Whole Foods Market on site. ground floor. The site also boasts access to I-95.

“This provides a unique opportunity to build a mixed-use property on one of the largest undeveloped lots in downtown Miami, an area with growing demand,” said David Eisenberg, CEO and head of Wharton’s Miami office. “We have strong confidence in South Florida’s potential and outlook for a variety of asset types and intend to apply our time-tested acquisition and development strategies to even more premium assets in the coming years.”

Wharton Equity Partners has been active in the Miami market in recent years and earlier this month sold a 1.82 acre building site to Terra Group at 1177 Kane Concourse in the Miami Bay Harbor Islands submarket for $ 31.5 million. Wharton also currently owns Eve at the District, a 500,000 square foot mixed-use project on Northeast 36th Street and Northeast First Avenue, and the Sheraton Miami Airport Hotel.

Cross Lake Partners actively invests in the residential real estate market and has experience in both residential development and the acquisition and development of individual families, townhouses, condominiums and apartment buildings. It is currently active in multi-functional areas with residential, retail, hotel and office space throughout Sunbelt, such as Quay Sarasota, along the waterfront in downtown Sarasota.

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