The Shops at Mary Brickell Village Sold For $216M

 
Not long after a complete overhaul renovation and in response to an insurgence of new residents, Rockpoint has sold The Shops at Mary Brickell Village to RPT Realty for a whopping $216 million. This is just the latest major real estate transfer in the neighborhood, signaling yet another insurgence to the neighborhood that has boomed from a sleepy business center in the early to mid-aughts to “The Manhattan of the South” that it is known as today.

The History of Mary Brickell Village

The Shops at Mary Brickell Village were constructed in 2006, back when many of the shiny condo towers were not even a glimmer in the developer’s eye. The daytime population was upwards of 100,000 as workers flocked in to their banking jobs, but dwindled to less than 20,000 once the business day finished. At the time, the lifestyle center featured a host of restaurants and Publix was the anchor. The condo tower above Publix (Nine at Mary Brickell Village) did not exist until 2015 and was not included in the sale. At the time of construction and up until Brickell City Centre was constructed in 2014, Mary Brickell Village was THE lifestyle center for the Brickell and Downtown Miami neighborhoods.

Where Are We Today?

After the completion of Brickell City Centre (and new competition offered), Rockpoint began a massive overhaul to bring new energy to the area. A new wing was added that houses Shake Shack, pavers and fountains replaced, retailers were switched out and the new energy did in fact come in. North Italia was introduced on the southwest corner of S Miami Ave to cater to the new trend of food halls.

Many of the OG spots remain and enjoy the new atmosphere. Publix remains as the anchor. Balans is still an amazing spot for breakfast, lunch or happy hour, Novecento is still serving fine Italian cuisine. Massage Envy is still rubbing the soreness out of people who worked out at the 38,000 sf Lifetime Fitness. People are still getting their hair coiffed at BLO Dry Bar and getting their mani/pedi/wax on at Spa & Nail Fever. And the party still goes on into the night at Blue Martini, Tucandela, Candela and Baru. Fun fact for the new residents… Baru was once located in a historic building that was demolished to make way for Brickell Flatiron. It wasn’t historically designated, but was one of the older buildings still standing in the neighborhood at the time.

How Will This Change The Neighborhood?

Given that Rockpoint has already completed the renovation and lease-up of the spaces, there is very little upside potential for RPT to add, aside from perhaps increasing rents. RPT Realty is an REIT (real estate investment trust) that specializes in stabilized outdoor shopping centers, so it makes sense that Brickell City Center would catch their eye. I highly doubt that residents will notice much difference in their shopping and entertainment experiences, except for maybe increased traffic from the new influx of residents that are coming.

Why More Residents? We’re Full!!

We are not full. Far from it. Brickell is booming and Mary Brickell Village is at the center of the (well-deserved) hype. Ken Griffin recently announced that his companies are relocating to Brickell along the Brickell Bay. There was a mystery deal go down for $363 million on the vacant lot next to Jade Residences, that was initially planned to be a mixed-use supertall developed by Tibor Hollo. Although the buyer was not disclosed, Bloomberg tied it to Griffin’s Citadel.

Everyone who walks the neighborhood (and especially those who live on the east side of SLS Lux) have seen OKO Group, led by Vladislav Doronin and Cain International’s new 55-story office tower going up. Swire and Related are talking about teaming up to build another supertall office tower at 700 Brickell Avenue and tie it in to Brickell City Centre.

Aside from the new places to work, there are a host of new construction condos and apartment buildings in the works and under construction. Times (and the neighborhood) are a-changin!

If you are interested in more information on Brickell including residential condos and investment opportunities with specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.