Retail Part of Miami Worldcenter Sold for $210 Million

MIAMI – (Realty News Report) – The retail portion of Miami Worldcenter, a recently constructed mixed-use district in downtown Miami, has been sold for $210 million in one of the largest South Florida retail deals in years.

Completed in 2024, the Miami Worldcenter’s retail component has 272,966 SF of upscale retail within the development. When completed Miami Worldcenter will have 12,000 residential units, more than 600,000 SF of office space and 850 hotel rooms.

“Miami Worldcenter represents one of the most significant retail investment opportunities ever brought to market in South Florida,” said Conor Lalor of Newmark. “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.”

Lalor, Newmark’s Head of Retail Capital Markets, North America 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.

Anchored by a flagship Apple store, Miami Worldcenter features a roster of leading 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.

Located at 1010 NE 2nd Avenue, the property sits adjacent to the Kaseya Center, home of the Miami Heat, and within blocks of major economic and cultural drivers including Brightline’s MiamiCentral station, PortMiami, the Adrienne Arsht Center for the Performing Arts, and the Frost Museum of Science.

The Miami Worldcenter development is expected to be a topic of discussion at the 60^th Annual NAREE Real Estate Journalism conference, presented in June by the National Association of Real Estate Editors.

In a transaction similar the Miami Worldcenter retail deal, MetroNational, a major Houston real estate organization, has acquired the 309,144-SF retail component of the CityCentre mixed-use development in West Houston. Developed by the Midway company, CityCentre is located near Interstate 10 in a west Houston pedestrian-oriented development that was named ULI Development of the Decade by the Urban Land Institute.