New York\u2019s retail maven Jeff Sutton (and his son Joe) have made their way down to the Miami Design District.\u00a0<\/p>\n
Sutton\u2019s Wharton Properties<\/a> paid $72.5 million for the Design 41 mixed-use building, alongside Todd Rosenberg\u2019s Pebb Capital<\/a> and Ethan Leavitt\u2019s Lane Capital Partners<\/a>, according to the brokerage that arranged the transaction, Dwntwn Realty Advisors<\/a>.<\/p>\n SEE ALSO: Brooklyn\u2019s Plain Vanilla Industrial Market Is Just the Way Investors Like It<\/a><\/p>\n The 84,748-square-foot building houses about 47,500 square feet of leasable space, including 7,000 square feet of ground-floor retail. Located at 112 Northeast 41st Street, the seven-story property is in the heart of the Miami Design District, a luxury open-air mall.<\/p>\n Since the pandemic, the 18-city-block district has become one of the most sought-after luxury shopping destinations in the country, with brands that include Chanel, Gucci and Prada. The purchase represents Wharton Properties\u2019s first acquisition in Miami.\u00a0<\/p>\n Design 41 is fully occupied with 12 tenants, which include the firm of architect Norman Foster<\/a> and TriCap Real Estate Partners. Appliance manufacturer Bosch Gaggenau runs a showroom and office on the top floor. On the ground floor, fashion label Missoni, watchmaker Breitling, mattress maker H\u00e4stens Beds and perfume boutique Bond No. 9 operate boutiques.\u00a0<\/p>\n In 2017, Benjamin Norton\u2019s Design Development Partners<\/a> completed the building, which sits on a 0.3-acre site and was designed by the Mexican architect Enrique Norten. In 2024, Kawa Capital provided<\/a> a $45 million refinancing loan backing the asset.\u00a0<\/p>\n The purchase comes about two years after Jeff Sutton sold some of his marquee retail buildings in New York for record prices. In 2024, Gucci\u2019s parent company Kering purchased<\/a> Wharton\u2019s retail condo at 715 and 717 Fifth Avenue for nearly $1 billion, while Prada spent $835 million<\/a> for properties at 720 and 724 Fifth Avenue.\u00a0<\/p>\n Jeff Sutton declined to comment. Representatives for New York-based Lane Capital Partners and Boca Raton-based Pebb Equities also did not respond to requests for comment. A representative for Design Development Partners could not be reached for comment.<\/p>\n