Edgewater Investor Acquires Downtown Miami Burdines Site

David Eisenberg, CEO of Wharton Equity Partners, and 16 Southeast Second Street (Wharton, Colliers)

Enrique Manhard and his partners, who recently sold land in Edgewater to the Kushner Companies, reinvested in downtown Miami.

Investors paid $ 46 million to purchase the “Burdines” property, a 2.2 acre block at 16 Southeast Second Street, from Wharton Equity Partners and Cross Lake Partners

The development site is zoned for a 2.2 million square foot project. Wharton Urban, a subsidiary of the investment firm, acquired the property by purchasing the distressed note for $ 16.3 million from Iberia Bank in lieu of foreclosure, the news release said.

Estrella Perez of EP Realty Group represented the buyer, she said. Joel Rodriguez of Global Investments Realty was also involved in the deal. Mika Mattingly and Cecilia Estevez from Colliers International and Robert Given from Cushman & Wakefield represented the sellers.

The four packages sold for nearly $ 500 per square foot. They are divided into zones T6-80, which means an 80-story building could be built on the property with more than 2,100 units and a mix of uses including residential, hotel, retail and office.

It came with previously approved site plans designed by the late IM Pei and Oppenheim Architecture + Design of Miami.

Manhard and his investors recently sold part of a larger Edgewater portfolio to Kushner for $ 20.5 million. EP Realty’s Perez was also involved in the sale.

Mattingly said interest in the assembly rose after Blackstone Group paid about $ 230 million for the office buildings at Brightline’s Miami Central Station in March. She called it a “priority location” because of its central location in the business district.

Moishe Mana has outperformed other investors in the Flagler neighborhood of downtown Miami, pouring more than $ 400 million into the area. He recently paid $ 27.2 million for the 62 Northeast First Street and 41 East Flagler Street buildings.

In South Florida, Wharton recently sold two acres of development land in Bay Harbor Islands for $ 31.5 million to the Terra Group, and the company owns the Eve at the District near the Miami Design District and the Sheraton Miami Airport Hotel .

Contact Katherine Kallergis

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