A joint venture between Jeff Sutton's Wharton Properties, Pebb Capital and Lane Capital Partners has acquired a fully leased mixed-use building at 112 Northeast 41st Street in Miami's Design District for $72.5 million, marking the priciest commercial transaction recorded across the tri-county region for the period.

The deal, which was recorded on February 9, underscores sustained institutional appetite for the Design District, a submarket that has evolved from an arts enclave into one of South Florida's most sought-after luxury retail corridors. The building was fully leased at the time of sale, providing the buyer group with immediate cash flow from an asset in a neighborhood that commands some of Miami-Dade County's highest commercial rents.

The acquisition brings together three experienced players. Sutton, one of New York's most prolific retail real estate investors, has been expanding his footprint in South Florida's high-street retail market. Pebb Capital, a Boca Raton-based investment firm, and Lane Capital Partners round out the venture with complementary expertise in mixed-use assets.

Miami's Design District has attracted a concentration of global luxury brands, driving rents and transaction volumes well above neighboring corridors. The $72.5 million price tag reflects the premium buyers are willing to pay for stabilized assets in a submarket with limited new supply and strong tenant demand from fashion houses and high-end retailers.

For the broader South Florida commercial market, the transaction signals that well-located, fully occupied mixed-use properties continue to draw competitive capital even as interest rates remain elevated. The deal stands as one of the largest single-asset commercial sales in the Design District in recent years and suggests that institutional investors view the neighborhood's luxury retail concentration as a durable source of value.