In the largest non-mall retail transaction in South Florida since 2017, the lifestyle center at Miami Worldcenter in Downtown Miami has sold for $210 million.
Newmark Group’s Head of Retail Capital Markets, North America Conor Lalor acted as strategic advisor to his longtime client CIM Group, while Senior Managing Director Eric Williams represented the seller, a joint venture led by CIM Group and Park West Ventures, the master developer of the $6 billion Miami Worldcenter project, along with Co-Head of U.S. Capital Markets Adam Spies. The buyer is a joint venture between Falcone Group, The Davis Companies and Jamestown.
“Miami Worldcenter represents one of the most significant retail investment opportunities ever brought to market in South Florida,” said Lalor. “Institutional 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.”
Located at 1010 NE 2nd Avenue and completed in 2024, the property’s retail component comprises approximately 272,966 square feet of upscale retail within the development, which upon completion will include approximately 12,000 residential units, more than 600,000 square feet of office space and 850 hotel rooms,.
“Assets of this scale and quality continue to command outsized interest from institutional buyers,” said Williams. “This transaction reflects both the depth of capital targeting high-performing retail and the increasing velocity of large-scale trades as conviction returns to the market.”
Anchored by a flagship Apple store, Miami Worldcenter features a roster of national and international retailers including Club Studio, Maple & Ash, Ray-Ban, Sephora, Lululemon, Lucky Strike and Museum of Ice Cream, among others. Newmark has played a long-standing role in the project’s evolution, including representing several tenants within the development.
Image courtesy of CIM Group.
