Simon Property Group has acquired the Brickell City Centre mall from Swire Properties for a reported price between $512 million and $548 million. This transaction marks a significant investment in Miami's upscale Brickell area, where the mall has been pivotal since its opening in 2016. Spanning 500,000 square feet and housing over 90 retailers, including luxury brands, it reflects Simon's strategy to view malls as community hubs. Despite national trends of mall declines, Simon is expanding in South Florida by purchasing additional properties, while Swire will reinvest proceeds into new developments in the area.
The sale of Brickell City Centre's mall to Simon Property Group highlights the continuing investment trend in upscale retail despite the broader decline of American malls.
Simon Property Group acquired full ownership of the mall, previously a 25% stakeholder, reinforcing its commitment to expanding its presence in South Florida.
With over 90 businesses, the Brickell City Centre mall, opened in 2016, plays a crucial role in Brickell's development into a luxurious shopping destination.
Proceeds from the sale will aid Swire Properties in funding new developments in Miami, including further luxury projects on Brickell Key.
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