Mary Brickell Village Sells: Vertical Development Is Likely

One of Miami’s premier open-air retail centers, Mary Brickell Village, has sold for $216 million.

Rockpoint and Ivanhoe Cambridge sold the 200,503-square-foot mixed-use property to real estate investment trust company RPT Realty, which owns multiple shopping centers across the country.

RPT said in a press release that Mary Brickell Village “provides for compelling value-creation opportunities as the site’s zoning allows for the potential to develop up to 80 stories or 4.1 million square feet which could consist of residential, office and hospitality.”

Another plus, according to RPT, is the Brickell district’s “unparalleled density” and high foot traffic.

More than 265,000 visits a month generate about $1,100 in sales per square foot. That’s according to RPT’s release, which said within three miles of Mary Brickell Village are about 232,000 people, 18.4 million square feet of office space, about 6,600 hotel rooms and 9,500 residential units planned or under construction.

At 901 S Miami Ave., Mary Brickell Village is anchored by a Publix grocery store and has an 875-space parking garage.

JLL represented the sellers.

Danny Finkle, senior managing director and co-head of JLL’s Miami office, called the center “one of the most unique and well-positioned retail properties in the country.”

“The Miami Brickell district has quickly evolved into one of the most dynamic and exciting places in South Florida, and this 5.2-acre parcel with a variety of best-in-class retailers and restaurants is in the absolute epicenter,” Finkle said in a press release.

Finkle’s team included senior managing directors and co-heads of U.S. retail capital markets Chris Angelone, executive managing director Matthew Lawton, senior director Eric Williams and vice president Kim Flores.

Hottest Submarket in the Southeast?

Brickell has become one of South Florida’s most sought-after spots.

Retailers are paying premiums to set up shop in the area, where asking rents have surpassed $60 per square foot, according to Marcus & Millichap’s Q2 Miami-Dade Retail Report.

Likewise, Brickell is leading the office market in terms of asking rate growth, according to JLL’s most recent report, which highlighted a 42% year-over-year increase. That report labeled Brickell “arguably the hottest submarket in the Southeast” because it’s attracting many new-to-market financial and tech companies.

Mary Brickell Village tenants include Miami’s only LA Fitness Signature Club, Moxie’s, North Italia, P.F. Chang’s, Shake Shack, Blue Martini, Starbucks, Massage Envy, Candela Gastro Bar and EWM Realty. The center is currently 78% occupied.

The property was originally constructed in 2008 but underwent renovations and modernizations between 2018 and 2020.

“The acquisition of Mary Brickell Village reflects the future of RPT,” said president and CEO Brian Harper in a press release. “The value creation potential of what we believe is one of the top open-air centers in the country is unparalleled given the earnings growth potential and the material densification opportunity at the site. Our success in acquiring this generational asset is also a testament to the strategic value of our joint venture platforms, which provide RPT with unique competitive advantages that extend well beyond financial benefits, as we continue to grow and improve the quality of the portfolio.”

Source link

Sharing Is Caring:

Leave a Comment