Brickell City Centre Retail Sells For $512 Million

Simon Property Group has acquired full ownership of the retail and parking components at Brickell City Centre in Miami after purchasing Swire Properties’ 75% stake in a $512 million deal. The Indianapolis-based retail giant already owned the remaining 25% of the asset, which now places the entire 500,000-square-foot shopping destination under its control.

Opened in 2016, Brickell City Centre’s retail portion is fully leased, boasting more than 90 stores and restaurants. The tenant mix includes major names like Saks Fifth Avenue, Apple, Chanel, Coach, Zara, Nike, Lululemon, Casa Tua Cucina, CMX Cinemas, and experiential venues like PuttShack and Motek. Though an open-air center, shoppers are shielded from the elements by the innovative Climate Ribbon canopy.

The sale aligns with Swire Properties’ strategy to recycle capital into new ventures. The Hong Kong-based developer is now focusing on Brickell Key, where it plans to redevelop the former Mandarin Oriental site into an ultra-luxury hotel and condominium project under the Residences at Mandarin Oriental brand.

This transaction marks the latest in a series of recent divestments by Swire in the Brickell area. The company previously sold off the site planned for the One Brickell City Centre office tower for $211.5 million, along with a nearby land parcel for $7.5 million. Earlier sales included the East Miami Hotel (2021) and the two office towers (2020) at Brickell City Centre.

Brickell City Centre played a transformative role in the evolution of the Brickell neighborhood, ushering in luxury retail, fine dining, and vibrant tourism. Its completion filled a major gap in the area, offering a walkable, upscale shopping experience for locals and visitors alike.