Miami Worldcenter Associates listed the retail component of the mixed-use downtown Miami development for sale, The Real Deal has learned.
The developer, a joint venture led by Art Falcone, Nitin Motwani and CIM Group, is seeking offers in the $300 million-plus range for the 273,000-square-foot retail portion, according to sources and a copy of the offering memorandum.
The open-air mall at Miami Worldcenter is fully leased to tenants that include Apple, Club Studio, Lucky Strike, Lucid Motors, the Museum of Ice Cream, Juvia, Sephora and the Container Store.
A Newmark team that includes Adam Spies, Conor Lalor and Adam Doneger is listing the retail space, according to the offering memo. Spies declined to comment.
Miami Worldcenter Associates has led the development of the 27-acre, $6 billion project and sold sites to other developers that are building or have built apartment and condo towers. The project calls for 12,000 residential units, about 600,0000 square feet of office space and 850 hotel rooms.
“Now that Miami Worldcenter’s retail component is fully leased and open to the public, Miami Worldcenter Associates plans to explore a recapitalization of its ownership,” a statement from the ownership reads.
The retail market in Miami-Dade County has remained tight. In the first quarter, the vacancy rate remained about the same at 2.9 percent, compared to the same period last year, according to a Colliers report released this month.
The retail at Miami Worldcenter was completed last year and is about 89 percent occupied, according to the offering memo. Club Studio is the largest tenant with 35,363 square feet. Lucky Strike has 31,190 square feet, and Lucid Motors has 22,788 square feet. The restaurants Maple & Ash, Sixty Vines, Earl’s Kitchen & Bar and Serafina are also tenants.
Last year, Miami Worldcenter Associates secured a $120 million refinancing of the previous loan backed by six lots at the 10-block complex, which is being developed at the intersection of downtown Miami and the city’s Park West neighborhood.
Construction has stalled for more than a year at Dan Kodsi’s Legacy Hotel & Residences at Miami Worldcenter. The 50-story tower is expected to include 310 short-term rental-friendly condos, a 219-key hotel and a Blue Zones medical and wellness center.
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