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652 Northeast 2nd Avenue

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

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

652 Northeast 2nd Avenue

Building Size

300,000 SF

Asset Type

Retail

Closing

Apr 2, 2026

AI

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:

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.

Players

Andrew Mirmelli

Broker

$54.1M

vol

3 deals

Broker

Matt Bronfman

Jamestown

Buyer

$495.5M

vol

12 deals

Buyer
Shaul Kuba

Shaul Kuba

CIM Group

Seller

$796.2M

vol

25 deals

Seller

Miami Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93