A New York joint venture picked up a vacant property in Miami’s Design District for $9 million.
The venture between Mack Real Estate Group and Wharton Equity Partners acquired 1.4 acres at 3635 Northeast First Avenue and 3604-3620 Northeast First Court, South Florida Business Journal reported. Holy Cross Episcopal Church sold the site to Mack and Wharton.
Holy Cross had its church demolished before closing the sale.
Mack and Wharton teamed up to purchase another vacant Miami property through foreclosure last year. David Schore, managing director at Mack, told the Journal the companies are not ready to reveal their plans for the former church property. [South Florida Business Journal] — Eric Kalis