Premier retail and dining destination center in Miami sells for $216M
JLL Capital Markets arranged the sale of the Publix-anchored Mary Brickell Village in the heart of Miami’s dynamic Brickell district
MIAMI, August 4, 2022 – JLL Capital Markets announced today that it has closed the $216 million sale of Mary Brickell Village, a 200,503-square-foot, Publix-anchored mixed-use retail center with an 875-space parking garage in Miami’s dynamic Brickell district.
Mary Brickell Village is anchored by a high-volume Publix and Miami’s only LA Fitness Signature Club. The center is complemented by an exceptional roster of high-quality, leading retailers and popular restaurants, including Moxie’s, North Italia, P.F. Chang’s, Shake Shack, Blue Martini, Starbucks, Massage Envy, Candela Gastro Bar and EWM Realty. Originally constructed in 2008, the property underwent substantial renovations and modernizations between 2018 and 2020.
Positioned on a 5.2-acre site at 901 South Miami Ave., Mary Brickell Village is in an infill, transit-oriented location that sees incredibly high vehicle and pedestrian traffic. This irreplaceable location is at the epicenter of the Brickell District and surrounded by excellent demand drivers, with 18.4 million square feet of office space, more than 147,000 daytime employees, over 6,600 hotel rooms and 76,000 residents all within 10 blocks.
The JLL Retail team representing the sellers was led by Senior Managing Directors and Co-Heads of U.S. Retail Capital Markets Danny Finkle and Chris Angelone, Executive Managing Director Matthew Lawton, Senior Director Eric Williams and Vice President Kim Flores.
“Mary Brickell Village is one of the most unique and well positioned retail properties in the country,” said Finkle. “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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Rockpoint is a real estate private equity firm headquartered in Boston with additional domestic offices in San Francisco and Dallas. Rockpoint employs a fundamental value approach to investing and targets select product types located in major markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint’s co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have raised approximately $29 billion in capital commitments. As of March 31, 2022, Rockpoint’s investment team with others has invested or committed to invest in 483 transactions with a total peak capitalization of approximately $76 billion (inclusive of fund equity, co-investor equity and debt). To learn more about Rockpoint, visit rockpoint.com.
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,200 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$69 billion in real estate assets as of December 31, 2021, and is a real estate subsidiary of Caisse de dépôt et placement du Québec (cdpq.com), a global investment group. For more information: ivanhoecambridge.com.
About RPT Realty
RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. The company's shopping centers offer diverse, locally curated consumer experiences that reflect the lifestyles of their surrounding communities and meet the modern expectations of the company's retail partners. The company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange (the “NYSE”). The common shares of the company, par value $0.01 per share (the “common shares”) are listed and traded on the NYSE under the ticker symbol “RPT”. As of June 30, 2022, the company's property portfolio (the "aggregate portfolio") consisted of 47 wholly owned shopping centers, 10 shopping centers owned through its grocery anchored joint venture, and 47 retail properties owned through its net lease joint venture, which together represent 14.9 million square feet of gross leasable area (“GLA”). As of June 30, 2022, the company’s pro-rata share of the aggregate portfolio was 93.3% leased. For additional information about the company please visit rptrealty.com.