Mary Brickell Village sells to Rockpoint Group for $113.5M

Mary Brickell Village
Aerial view of Mary Brickell Village

Quebec-based Ivanhoe Cambridge has sold Mary Brickell Village for $113.5 million according to a deed filed in Miami-Dade County records on Thursday. Boston-based Rockpoint Group is the buyer. 

Ivanhoe Cambridge affiliate Brickell Main Street LLLP sold the mall to MB Village Owner LLC, a company tied to Rockpoint Group, a real estate private equity group. The affiliate also closed on a $62.25 million mortgage from ONC Bank National Association, records show. Rockpoint general counsel Ron Hoyl signed the loan.

Mary Brickell Village, a 195,188-square-foot shopping center in Miami’s Brickell area, was completed in 2007. It includes 59 stores and 800 parking spaces, according to Ivanhoe’s website.

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Tenants of the shopping center include the Oceanaire Seafood Room, Rosa Mexicano, Fado Irish Bar, Blo Blow Dry Bar, L.A. Fitness and Publix. The sale does not include the residential condos at Nine at Mary Brickell Village, which share the same site, at 911 Southwest First Avenue, 900 South Miami Avenue and 901 South Miami Avenue, which is across the street.

Rockpoint, which has hotels in Key West and the site of the Seashore condo tower in Sunny Isles Beach, already has a presence in the area with Brickell Heights. Rockpoint affiliates recently closed on a $160.5 million construction loan for its two condominium towers.

Also nearby is Brickell City Centre, the $1.05 billion mixed-use development north of Mary Brickell Village. When completed, it will include a 500,000-square-foot shopping component, two condominium towers, two Class A office buildings, and its EAST, Miami Hotel. The condominium, office, and hotel components at Brickell City Centre are set to open at the end of this year.