WEP’s Wharton Urban platform sells ‘Kane Concourse’
slated for mixed-use development four years after acquisition
MIAMI (June 8, 2021) — Wharton Urban, a platform of real estate investment firm Wharton Equity Partners, announced today that it has sold its 1.82-acre development site at 1177 Kane Concourse in Miami’s Bay Harbor Islands submarket to Terra Group for $31.5 million.
Wharton Urban initially acquired the strategically located site in 2017 through an off-market deal. The site comprises mostly vacant land with an existing 21,078-square-foot, three-story office building built in 1953, as well as a surface parking lot.
“With so much activity in the Miami submarkets, this was an ideal time to redeploy capital throughout the region to serve other planned projects and support Wharton Urban’s long-term strategy of developing state-of-the-art, mixed-use properties in vibrant metropolitan centers,” said Peter C. Lewis, Chairman of Wharton Equity Partners. “We’re happy to have reached a sale agreement with Terra Group, a long-respected fellow developer in this area, and look forward to building our pipeline even further across the burgeoning South Florida region.”
Kane Concourse is commercially zoned and ideally situated between several affluent communities along West Bay Harbor Drive, just above Indian Creek Island and two miles north of Miami Beach. It also sits in close proximity to Bal Harbour Shops — the 511,000-square-foot, open-air shopping center.
“The potential of this property is exponential as this particular submarket undergoes a period of breakneck growth, with excellent proximity to desirable residential areas and neighboring shopping, dining, and other lifestyle amenities,” said David E. Eisenberg, CEO and head of Wharton’s Miami office. “This parcel of land is ideally zoned and we were happy to work with Terra Group on this transaction — we look forward to executing on further projects in the Miami area and following the future development of Kane Concourse.”
Wharton Equity Partners has been active in the Miami market in recent years, and currently owns the Eve at the District, a 500,000-square-foot mixed-use project at Northeast 36th Street and Northeast First Avenue; a 2.2-acre development site in the heart of Miami’s Central Business District, zoned for more than 2 million square feet of mixed-use development; and the Sheraton Miami Airport Hotel, among other properties.
Terra Group is an integrated South Florida development firm whose portfolio includes luxury high-rises, single family homes, townhouses, retail shopping centers, office space and multifamily apartments, both in urban and suburban areas — most recently in neighborhoods like Coconut Grove, Miami Beach, Doral and Weston.
About Wharton Equity Partners
Wharton Equity Partners is a privately held investment and development firm that has repeatedly demonstrated an ability to capitalize on large thematic trends before other real estate market participants. Since 1987, it has employed its innovative approach and extensive experience to acquire, develop and operate a wide range of asset classes, including industrial, hospitality, multifamily and single-family real estate. With more than $2 billion of transactions spanning business cycles, strategies and property types, Wharton has a long and substantial track record of generating significant returns for its investors while being relentlessly focused on the preservation of capital.