Swire Properties Inc. has announced the sale of its interest in the retail and parking components of Brickell City Centre to Simon, a real estate investment trust specializing in premier shopping, dining, entertainment, and mixed-use destinations. The transaction is valued at approximately $512 million.
The deal marks the conclusion of a decade-long partnership between Swire Properties Inc. and Simon that began in 2015, when Simon acquired a 25 percent stake in the retail portion of the mixed-use development. Prior to this transaction, Swire held a 75 percent interest in the retail and full ownership of the parking assets. With the sale now complete, Simon assumes full ownership and management of both components. Miami-based law firm Bilzin Sumberg represented Simon in the transaction.
To ensure continuity in day-to-day operations, Simon will retain as many members of Brickell City Centre’s operations team as possible.
Brickell City Centre spans roughly five million square feet and includes a 500,000-square-foot open-air shopping center anchored by Saks Fifth Avenue and featuring over 90 retail stores and 15 dining and entertainment venues. The development’s design is distinguished by its Climate Ribbon, a signature canopy structure that provides shade, facilitates airflow, and captures rainwater.
“Our team was proud to support Simon Property Group in this landmark acquisition,” said John Sumberg, Chairman of Bilzin Sumberg. “Brickell City Centre has been a catalyst for Miami’s Brickell neighborhood, attracting the world’s top retail brands, domestic and international visitors, and office users that have planted their flag in South Florida. Simon Property Group’s outright purchase of Brickell City Centre’s retail component will further elevate the asset’s position in the market.”
Opened in 2016, Brickell City Centre occupies three city blocks in the heart of Miami’s Brickell district. Retailers include Apple, Chanel Fragrance & Beauty Boutique, Coach, Kirk Jewelers, lululemon, Sephora, Zara, Richard Mille, Sandro, and Nike. Dining venues include Motek, Tacology, The Henry, and PuttShack, along with a CMX luxury VIP Cinema Experience.
This divestment aligns with Swire Properties Inc.’s ongoing capital recycling strategy. Proceeds from the sale will support the company’s HK$100 billion investment plan announced in 2022, which includes HK$20 billion earmarked for residential trading opportunities such as The Residences at Mandarin Oriental, Miami. That project has already secured more than US$1 billion in contract sales, with over half of the South Tower residences sold to date.
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