Simon Acquires Remaining Interest in Brickell City Centre
Simon has officially acquired Swire Properties’ remaining interest in the retail and parking components of Brickell City Centre, a prominent mixed-use development in the heart of Miami’s Brickell district. The retail portion of the project was completed in 2016 and spans four levels of interconnected dining, entertainment, and shopping, covering three city blocks.
The total acquisition price includes $512.6 million in cash, with an additional $36.1 million as contingent consideration, dependent upon the successful and cost-effective completion of planned property improvements.
Brickell City Centre features a 500,000-square-foot open-air shopping mall anchored by Saks Fifth Avenue. The center boasts over 90 retail stores, including high-profile names such as Apple, Chanel Fragrance & Beauty Boutique, Coach, Kirk Jewelers, Lululemon, Sephora, Zara, Richard Mille, Sandro, and Nike. It also houses more than 15 dining and entertainment venues, including Motek, Tacology, The Henry, PuttShack, and CMX’s luxury VIP Cinema Experience.
Prior to this transaction, Simon held a 25% non-managing interest in the retail portion of the development. With this acquisition, Simon now fully owns and manages the entire retail and parking portfolio of Brickell City Centre.
