Falcone Group And Partners Acquire 27-Acre Retail District In Miami For $6B Project

The transaction involves the sale of a 27-acre retail and entertainment district located at 652, 644, 850, 888 Northeast 2nd Avenue, 725, 851 Northeast 1st Avenue, 100 Northeast 8th Street & 150 Northeast 8th Street in Miami. The asset encompasses a total of 300,000 square feet of retail space and significant parking assets, forming a part of the $6 billion Miami Worldcenter project.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: Not disclosed
• Square Footage: 300,000
• Acres: 27
• Buyer: Art Falcone - Falcone Group; Marc Roberts; Sergio Rok - ROK Acquisitions; Andrew Mirmelli; Jonathan Davis - The Davis Cos.; Matt Bronfman - Jamestown
• Seller: Nitin Motwani - Miami Worldcenter Associates; Shaul Kuba - CIM Group
• Market: Miami

The sale was executed as part of a strategic transition from a two-decade development effort aimed at transforming downtown Miami into a mixed-use hub. The new ownership, involving Falcone Group, Davis, and Jamestown as limited partners, plans to focus on scaling operations and leasing for future growth.