The retail component of the Miami Worldcenter mixed-use development has been sold for $210 million.
The property’s retail component was completed in 2024 and comprises approximately 272,966 square feet within the development, with a flagship Apple store as its anchor tenant. Other retailers including Club Studio, Maple & Ash, Ray-Ban, Sephora, Lululemon, Lucky Strike and Museum of Ice Cream.
Miami Worldcenter also encompasses approximately 12,000 residential units, more than 600,000 square feet of office space and 850 hotel rooms.
The Retail Capital Markets business of Newmark Group Inc. (NASDAQ: NMRK) announced the sale, with a joint venture led by CIM Group and Park West Ventures as the seller and a joint venture between Falcone Group, The Davis Companies and Jamestown as the buyer. Newmark added this was the largest non-mall retail sale in South Florida since 2017.
“Miami Worldcenter represents one of the most significant retail investment opportunities ever brought to market in South Florida,” said Conor Lalor, Newmark’s head of retail capital markets. “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.”
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