Simon Buys Miami’s Brickell City Centre for $512M

Swire Properties has sold the mall at Brickell City Centre, the mixed-use development that helped transform Brickell from a sleepy residential neighborhood into one of Miami’s hottest development districts, to Simon Property Group for $512 million, the companies announced.

The mall includes 500,000 square feet of open-air retail and a subterranean parking garage. Simon, a leading real estate investment trust in the mall space, previously owned a 25 percent stake, and now will fully own and manage the asset.

In 2016, Swire Properties completed Brickell City Centre, located by the Miami River, when the district mostly housed single-family homes, low-rise rental buildings and few of the luxury skyscrapers that it hosts today.

Swire Properties developed Brickell City Centre’s three-story mall alongside Simon and Whitman Family Development, the owner of the Bal Harbour Shops luxury mall. The shopping center holds more than 90 stores, with tenants such as Apple, Coach, Lululemon, Sephora, Zara and Nike. 

The mixed-use development also features multifamily, hotel and office components. Hong Kong-based Swire Properties sold the two office towers for $163 million in 2020 and sold the hotel for $174 million the next year.

The sale to Simon comes as Swire Properties prepares to build its next major project in Miami, The Residences at Mandarin Oriental condo project on Brickell Key. The developer shuttered the Mandarin Oriental hotel in April to make way for the condo tower, though it has yet to secure construction financing. 

Last month, Swire also sold a 2.8-acre development site next door to Brickell City Centre for $211 million after failing to launch an 80-story office development with Related Companies. 

Julia Echikson can be reached at jechikson@commercialobserver.com.