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, property records show.
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, said a spokesperson for RPT Realty.
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, which is perched above the retail center.
Mary Brickell’s sale is a sign of investors’ growing interest in retail properties, which took a hit during the pandemic as consumers stayed home and shopped online.
The Brickell mall almost doubled in value from its previous trade in 2015, when Rockpoint, now the seller, paid $113.5 million, according to property records. RPT’s acquisition dwarfs 2021’s largest retail sale, when Lone Star Funds and Woolbright Development acquired a Whole Foods-anchored complex in Palm Beach Gardens for $101 million.
Earlier this month, Rockpoint was behind another blockbuster Miami sale. The Boston-based firm sold 1221 Brickell, a 26-story office building, half a mile south of Mary Brickell Village, for $286.5 million, the largest office sale in Miami since the pandemic hit.
RPT, a New York-based REIT specializing in retail properties, owns 97 malls, which together span 14.6 million square feet and are 93.2 percent leased, according to SEC filings.
A spokesperson for Rockpoint declined to comment.
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This article was originally published here: https://commercialobserver.com/2022/07/rockpoint-the-shops-at-mary-brickell-village-rpt-realty/#.Ys6oDsNGPd8.linkedin
Julia Echikson can be reached at jechikson@commercialobserver.com.