Miami Worldcenter’s retail component traded hands for $210 million as developer Art Falcone led a joint venture to acquire the landmark property in one of the biggest retail deals based on price in nearly 10 years in South Florida. <\/p>\n
The new owners of the seven buildings containing the 272,966-square-foot retail core and the parking garages at the 27-acre mixed-use district are Art Falcone\u2019s Falcone Group, ROK Acquisitions, The Davis Cos., global mixed-use developer Jamestown and investor Andrew Mirmelli, owner of M&M Parking.<\/p>\n
Properties in the deal are the 922-space Block H garage at 644 NE Second Ave.; the Block H retail property at 652 NE Second Ave.; Block F West at 725 NE First Ave., home to the downtown Miami Apple Store; Block F East at 150 NE Eighth St.; the Block D East retail component at 850 NE Second Ave.; the 1,100-space Block D East garage at 888 NE Second Ave.; and the Block CD West component at 851 NE First Ave.<\/p>\n
The deal is the largest non-mall retail trade in South Florida since 2017, according to Newmark, the brokerage that represented the sellers. <\/p>\n
In the deal, Falcone, who is also a managing partner of Miami Worldcenter Associates, bought out partners Nitni Motwani and Los Angeles-based CIM Group, the original developers of the $6 billion neighborhood that transformed a collection of surface lots and low-lying industrial facilities into skyscrapers, pedestrianized streets and outdoor plazas. <\/p>\n
\u201cMiami Worldcenter is recognized nationally for its evolution from parking lots, low rise industrial buildings and undeveloped space to an entirely new district within a city, creating endless opportunities for residents to live, shop and socialize all in one neighborhood,\u201d said Jerry Murphy, managing director of investment at Boston-based Davis Cos., in a joint statement from the buyers and sellers.<\/p>\n
The new owners emphasized the strength of Worldcenter\u2019s shops, with Murphy adding that the partnership \u201cwill unlock new potential for the site\u2019s retail components as it enters its next chapter.\u201d<\/p>\n
Attracting institutional investors\n<\/p>\n
Worldcenter \u201crepresents one of the most significant retail investment opportunities ever brought to market in South Florida,” Newmark\u2019s Conor Lalor said in a separate statement. He advised CIM Group.<\/p>\n
\u201cInstitutional investors continue to target large, irreplaceable retail assets located in dynamic urban districts, and Miami Worldcenter stands at the center of one of the fastest-growing downtown markets in the country,” he said.<\/p>\n
Driven in part by the limited availability of retail space throughout South Florida, retail rents continue to grow as investors scout for deals, with the market expected to outperform the rest of the country when it comes to rent growth and major sales, according to a CoStar report. <\/p>\n
In addition to Apple, tenants at the acquired properties include a mix of well-known retailers and restaurants such as Sephora, Lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, as well as Maple & Ash, Eight Bar, Sixty Vines, Earls Kitchen + Bar, Sweet Paris Cr\u00eaperie & Caf\u00e9, Starbucks and Serafina.<\/p>\n
It\u2019s not the first time Miami Worldcenter\u2019s developers have sold off or brought on new partners to the neighborhood. Former WeWork CEO Adam Neumann launched his multifamily venture Flow in the neighborhood with a 444-unit apartment complex in 2024. That same year, New York\u2019s Naftali Group arrived in Miami for the first time with the Jem Private Residences, a luxury condominium and rental tower currently under construction.<\/p>\n
Other developers that have contributed to the neighborhood include Related Group, Witkoff, Merrimac Ventures, Aria Development Group, Lalezarian Properties, Falcone Group, Abbhi Capital and Lynd Group.<\/p>\n
While Newmark’s Lalor served as a strategic adviser to CIM Group, Eric Williams and Adam Spies represented the seller in the deal. <\/p>\n","protected":false},"excerpt":{"rendered":"Miami Worldcenter’s retail component traded hands for $210 million as developer Art Falcone led a joint venture to…\n","protected":false},"author":2,"featured_media":224447,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[123,125,124],"class_list":{"0":"post-224446","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-miami","8":"tag-miami","9":"tag-miami-headlines","10":"tag-miami-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/224446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=224446"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/224446\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/224447"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=224446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=224446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=224446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}