Simon has acquired Swire Properties’ interest in the retail and parking at Brickell City Centre. Completed in 2016 and located in the heart of the Brickell district of downtown Miami, the shopping center consists of four levels of dining and entertainment interconnected across three city blocks.
The price includes $512.6 million in cash and a contingent consideration of up to $36.1 million if planned improvements to the property are completed without cost overruns.
Brickell City Centre is a mixed-use property that features a 500,000-square-foot open-air shopping center that’s anchored by Saks Fifth Avenue. The property has more than 90 retail stores, including Apple, Chanel Fragrance & Beauty Boutique, Coach, Kirk Jewelers, lululemon, Sephora, Zara, Richard Mille, Sandro and Nike, and more than 15 dining and entertainment locations, including Motek, Tacology, The Henry, PuttShack, and a luxury VIP Cinema Experience from CMX.
Prior to the acquisition, Simon owned a 25%, non-managing interest in the retail at Brickell City Centre and will wholly own and manage the asset following this transaction.
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