H&M Tries On New Anchor Lease at Miami Shopping Mall
This property is part of a $1 billion Brickell development.
H&M has leased more than 25,000 square feet of retail space across two floors at The Shops at Brickell City Centre, a 500,000-square-foot shopping destination within Miami’s mixed-use district of the same name.
The clothing outlet’s lease brings The Shops to full occupancy, a first since the retail portion of the $1 billion development opened in 2016. The Swedish fashion giant will occupy one of The Shops’ largest spaces, joining Saks Fifth Avenue as anchor tenants of the property.
READ ALSO: Retail’s Return: Is the Sector 2024’s Sleeper Hit?
Following its opening, this will be H&M’s third location in Miami. As part of the lease, the retailer will upgrade many of the space’s finishes and will also install a grand staircase, lounge areas and an advertising screen.
The Shops at Brickell City Centre comprises more than 120 stores, in addition to a Cinemex dine-in movie theater. H&M’s neighbors include Apple, Coach, Nike, Porsche Design, Rolex, Sephora and Tommy Bahama.
Magic City mixed-use
Owned and operated by Swire Properties, Brickell City Centre will span more than 4.9 million square feet at full buildout. The project first broke ground in 2012 as the Hong Kong-based developer’s first mixed-use endeavor in the U.S.
Apart from The Shops, the complex included Two and Three Brickell City Centre, two Class A office buildings totaling 764,000 square feet that sold to Northwood Investors in 2020 for a combined $139.7 million, according to CommercialEdge information. The Centre also comprises REACH and RISE, two residential towers, as well as EAST Miami, a 255-key hotel that changed hands in 2021.
Located at 701 S. Miami Ave. in Miami’s financial district, Brickell City Centre is directly connected to the downtown’s retail, dining and entertainment offerings. Biscayne Bay is less than half a mile to the east.
Retail rebound in Miami
Alongside an influx of residents, the South Florida city is also seeing an influx of retail leasing, combined with some of the nation’s highest asking rents. A fourth quarter report from Cushman & Wakefield found that Miami’s retail market saw more than 250,000 square feet of positive net absorption, alongside an average asking rent of $40.33 per square foot. On the development front, there were 577,838 square feet of deliveries through 2023, ranking among the top five in the U.S.
Mixed-use developments remain popular, as well, in part due to their inclusions of retail space. Back in September, a joint venture between Black Salmon and The Allen Morris Co. announced the development of Highland Park Miami, a $1 billion project located in the city’s Medical District. Apart from retail, the master-planned development will feature 500,000 square feet of medical-related office space, a 150-key hotel and 1,000 residential units.
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