Simon Pays $512M for Remaining Stake in Miami Mall
The property is part of a 5 million-square-foot development.
Simon Property Group Inc. has acquired the remaining interest in the 500,000-square-foot retail and parking component of Brickell City Centre in Miami. Swire Properties Inc. sold the majority 75 percent stake in the property for $512 million, according to Yardi research data.
Simon initially owned a 25 percent stake in the retail asset as co-developer of the project, alongside Swire and Whitman Family Development. That partnership formed in 2015.
Following the current transaction, Simon has become the sole owner and manager of the shopping center.
U.S. retail investment sales volume surged by 13 percent year-over-year in the first quarter of 2025, according to Newmark research. Retail became the leading commercial real estate sector for property value appreciation, with values rising 4.6 percent annually and 1.8 percent over the quarter.
The retail component of Brickell district
Completed in 2016 at 601 S. Miami Ave., the Brickell City Centre mall consists of four-story buildings spread across three city blocks. A 107,000-square-foot Saks Fifth Avenue anchors the LEED Gold-certified property, alongside CMX. The tenant roster also includes more than 90 retail stores, including Apple, Chanel Fragrance & Beauty Boutique, Coach, lululemon, Sephora, Zara and Nike, as well as dining and entertainment options, namely Motek, Tacology, The Henry, PuttShack, Vale Healthy Kitchen, CMX Sports Bar, 8Street Cocktail Bar and DOM’s.
The open-air shopping center is the luxury retail component of a 5 million-square-foot mixed-use development spanning an entire district in downtown Miami. The campus includes two 12-story office buildings—Two and Three Brickell City Center—, the 295-key hotel, a mixed-use building with 352 hotel rooms and 89 residential units, as well as Reach and Rise, two 43-story condominium towers.
Brickell City Centre provides easy access across metro Miami through the Brickell Loop light rail, as well as the Metrorail Green and Orange lines. The city center is less than 1 mile away.
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