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Real Estate

Brickell Big News!

By
Cashflow In Miami
on
August 1, 2022

Mary Brickell Village sold!
900 S Miami Avenue,Brickell

RPT Realty dropped $216 million to acquire The Shops at Mary Brickell Village mall in Miami, making it one of South Florida’s priciest retail deals this year!!

The 541,449-square-foot shopping center offers about 200,000 square feet of leasable space. It’s home to restaurants Novecento, national chains Shake Shack and PF Chang’s as well as a 29,000-square-foot Publix supermarket and a 38,000-square-foot LA Fitness.  The property is currently 78 percent leased with an additional 32,000 square feet of leases that have been executed, which will take the property to 94 percent occupied. Located at 900 S Miami Avenue, the outdoor mall sits adjacent to Southeast Ninth Street in the heart of Brickell, Miami’s financial district. The deal did not include the residential portion of the Mary Brickell complex. The Brickell mall almost doubled in value from its previous trade in 2015, when Rockpoint, now the seller, paid $113.5 million.

Blockbuster Miami Tower sale!

1221 Brickell Avenue, Brickell

Rockpoint sold a Brickell office tower for $286.5 million, marking a record for South Florida office deals since 2016!

Boston-based Rockpoint sold the 28-story building at 1221 Brickell Avenue in Miami to a Delaware-registered entity led by Randall Davis and listing a Palm Beach address. The deal follows another mystery entity — also led by Davis, but listing a Chicago address — buying the 2.5-acre vacant lot nearby at 1201 Brickell Bay Drive for $363 million in April.We wrote about that amazing waterfront development that poised to erect two super tall towers!The 1221 Brickell Class A tower has 408,423 square feet of office and retail space, according to the property’s website. Spanning a full city block and with floor-to-ceiling windows, 1221 Brickell was built in 1986 and renovated in 2020. It has a 2,000-square-foot terrace; 12,000 square feet of amenities; and an attached nine-story garage.Rockpoint, led by co-founders Keith Gelb and Bill Walton, paid $155 million for the property in 2017.

Mexican developer grabbing Habitat land West Brickell!

143 SW 9TH ST , West Brickell

A joint venture consisting of two Mexican firms making their U.S. debut and a Miami-based partner is betting on Miami’s booming apartment market with plans for a 24-story tower in Brickell.

Menesse International bought the development site at 143 Southwest Ninth Street from an affiliate of Miami-based Habitat Group for $23.5 million.

The property’s existing five-story, 39-unit rental building was constructed in 1968 on 0.7 acres. Habitat Group paid $14.5 million for the site in 2018.

Menesse International consists of Playa del Carmen, Mexico-based Menesse Condos; Investee, which specializes in residential development in Mexico; and Lucid Investment Group, the Miami-based partner, according to Menesse International’s website.

The plan is for a Class A building with 350 rental units, ranging from studios to two-bedroom apartments, atop an eight-story podium with roughly 180 parking spaces and ground-floor retail.Construction is expected to start in the second quarter of next year.

Menesse Condos, which designs, builds and consolidates projects, has developed in Argentina and Mexico’s Riviera Maya and has a portfolio of 22 developments with more than 1,200 units sold.

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