The Real Deal Miami

Bayside Marketplace on the market

March 03, 2009 04:30PM

Miami’s 310,000-square-foot Bayside Marketplace is now for sale, as
owner General Growth Properties tries to raise money. The company
would also be open to a joint venture arrangement for the mall, said
Lesley Cheers, a General Growth spokesperson. Local real estate experts
said Bayside could attract entertainment and restaurant tenants, but
because many Bayside customers are cruise ship passengers going
through the Port of Miami, if tourism falls, so could Bayside revenue.
And the city of Miami owns the mall on which Bayside stands, which
might make it difficult for a buyer to finance the purchase. General
Growth owns three other retail centers in South Florida — Pembroke
Lakes Mall in Pembroke Pines, Mizner Park in Boca Raton and the
Village of Merrick Park in Coral Gables. The asking price for Bayside Marketplace was not listed.