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:
- 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.
Players
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