Swire Properties Sells Brickell City Centre Retail and Parking Components to Simon Property Group For $512 Million

In a significant real estate transaction for Miami’s urban core, Swire Properties Inc. has finalized the sale of its interest in the retail and parking components of Brickell City Centre to Simon Property Group for approximately $512 million. The deal marks the conclusion of a decade-long partnership between the two firms and further consolidates Simon’s presence in one of Miami’s most high-profile mixed-use developments.

Prior to this acquisition, Simon, one of the world’s largest real estate investment trusts focused on premier shopping, dining, and mixed-use destinations, held a 25% stake in the retail component of Brickell City Centre. Swire Properties, the original developer of the project, retained a 75% interest in the retail and full ownership of the parking facilities. With the completion of this transaction, Simon now assumes full ownership and management responsibilities for both the retail and parking at the development.

Completed in 2016, Brickell City Centre has become a defining element of Miami’s evolving skyline and urban experience. The project spans approximately five million square feet and includes a 500,000-square-foot open-air retail center, designed with its signature Climate Ribbon—an architectural canopy that provides shade, enhances airflow, and collects rainwater, contributing to the center’s sustainability features.

The retail center stretches across three city blocks and offers four levels of shopping, dining, and entertainment, anchored by Saks Fifth Avenue and home to more than 90 retail stores, including Apple, Chanel Fragrance & Beauty Boutique, Nike, Coach, Zara, and Richard Mille. Dining and entertainment options range from Casa Tua Cucina and Motek to CMX’s luxury cinema and PuttShack, reinforcing Brickell City Centre’s position as a premier lifestyle destination.

Swire Properties described the divestment as part of its ongoing capital recycling strategy, which focuses on reallocating resources into new growth opportunities. Proceeds from the sale will support the company’s HK$100 billion global investment plan announced in 2022, with HK$20 billion allocated specifically for residential development projects such as The Residences at Mandarin Oriental, Miami. That project has already surpassed $1 billion in contract sales, with more than 50% of South Tower units sold.

Simon has indicated that it will retain as many members of Brickell City Centre’s existing operations team as possible to ensure a seamless transition. The acquisition consolidates Simon’s position within Miami’s growing retail and mixed-use market, adding another high-profile asset to its portfolio at a time when the Brickell district continues to attract global attention as a center for finance, technology, and luxury development.

Images via Swire Property Group

Sunset Harbour Office Depot Property Sells for $28.5 Million Overseen by Jordan Karp and Avenue Real Estate Partners, Underscoring Miami Beach’s Commercial Real Estate Strength

A prime commercial property in Miami Beach’s Sunset Harbour neighborhood has traded for $28.5 million, signaling continued investment momentum in one of the city’s most desirable enclaves. The 19,672-square-foot Office Depot building, situated on a 25,000-square-foot lot, was acquired by a private investor in a deal brokered by Avenue Real Estate Partners and Jordan Karp, LLC. The property is located at 1771 West Avenue and serves as a gateway to Sunset Harbour.

The transaction reflects the escalating land value in Sunset Harbour, a mixed-use district known for its proximity to luxury residential developments, waterfront access, and growing commercial presence. Avenue’s Aaron Butler, who represented the buyer alongside Jordan Karp, emphasized that the sale is indicative of Sunset Harbour's evolving role within Miami Beach’s real estate landscape.

“Sunset Harbour continues to be one of Miami Beach’s most sought-after neighborhoods, and this transaction reflects the increasing land value following the success of developments like 18 Sunset,” Butler noted.

Jordan Karp added that Sunset Harbour remains uniquely positioned within Miami Beach's high-end market. “Surrounded by some of the world’s most expensive residential real estate, Sunset Harbour serves as the area’s commercial hub — attracting investors focused on long-term growth opportunities,” Karp said.

The seller, George Jay Ltd. Partnership, was represented by Paul Snitkin of Anderson Carr.

Avenue Real Estate Partners, with offices in Miami Beach and Aspen, Colorado, has established a reputation for guiding high-profile transactions across South Florida’s commercial sector, with over $1 billion in deals completed. Jordan Karp, founder of his namesake brokerage Jordan Karp LLC, is known for orchestrating off-market deals across Miami’s luxury residential and commercial markets, including record-setting property sales on La Gorce Island, Allison Island, and in Brickell. Notable transactions include his $55 million off-market sale of the SLS Brickell Hotel to the Kastrati Group. To date in 2025, Karp has closed over $170 million in transactions.

The $28.5 million sale underscores both investor confidence in Sunset Harbour and the neighborhood’s trajectory as a high-value commercial and residential destination within Miami Beach.

Images via Jordan Karp LLC

Internationally Renowned Miami-Based Artist Romero Britto Acquires The Famed “BRITTO® Palace” In Little River For $11.8 Million

Internationally renowned artist Romero Britto now owns the 58,000-square-foot compound where the BRITTO® Palace is located in Miami, making it the official new headquarters of the BRITTO Group in the United States, which has business globally in fine art, consumer goods, retail, brand licensing, real estate, coffee shops, restaurants, hotels, skin care, and liquor.

Berkshire Hathaway HomeServices EWM Realty top-producer Jason Zarco of The Percal Zarco Group worked with Britto in the $11.8 million sale, which closed on Sept. 20. Alfredo Riascos, principal and broker of Gridline Properties, worked with the seller, real estate owner/operator Joseph Del Vecchio. For the purchase and loan from Ocean Bank, Britto was represented by Salomon V. Bagdadi, Esq., the Florida Managing Partner of Capozzi Adler, P.C. and President of Straight Line Title.

Located in Miami’s burgeoning Little River neighborhood at 795 Northwest 72nd Street, the BRITTO® Palace is a highly customized, 58,000-square-foot compound with two levels. Considered to be the largest art studio in the world, the dazzling space has already played host to dignitaries, celebrities, innovators, and art patrons from across the globe.

“This property has become a source of such palpable inspiration,” said Britto. “In so many ways, it’s a magical place where I like to spend most of my days creating with the purpose to bring more happiness to the world.”

“Miami is the perfect, vibrant and dynamic city for our new global headquarters and to our business expansion,” added Dr. Lucas Vidal, CEO of BRITTO Group and Britto's business partner.

“Romero Britto is a legend and a true Miami treasure,” said Del Vecchio. “I’m delighted to have played a small role in helping him make his enduring legacy more permanent with this acquisition.”

Little River, located in Miami’s Upper East Side, is rapidly emerging as one of Miami’s fastest-growing neighborhoods, characterized by an eclectic mix of creatives, culinary, and entertainment destinations. As ongoing development reshapes the area, the neighborhood is on track to become one of Miami’s most sought-after destinations for businesses and residents.

Kastrati Group Acquires SLS Brickell Hotel For $55 Million In An Off-Market Cash Transaction

Brickell Miami, LLC, an affiliate of Constellation Hotel Holdings LTD, just sold the iconic SLS Brickell Hotel, a mixed-use hospitality development in the heart of Downtown Brickell, Miami located at 1300 S Miami Ave, in a $55 million in an off-market, cash transaction to an affiliate of the Albania based Kastrati Group. Miami based Broker Jordan Karp of Jordan Karp, LLC represented the Buyer in this off-market cash deal with the assistance of Disruptive Real Estate CEO Stefano Santoro. Jordan Karp also represented the Seller, Brickell Miami, LLC, an entity affiliated with Al Thanis, members of Qatar’s ruling royal family, in the deal. Sheikh Tamim bin Hamad Al Thani is the Emir of Qatar.

Situated on a premier corner lot, the 124 key Hotel and remaining 4,530 square foot ground floor Prime Restaurant/Retail space and associated hotel and restaurant FF&E within the 54-story mixed-use building was purchased by 1300 Brickell Miami, LLC, a Florida limited liability company, which is controlled by Kastrati Group, an Albanian privately-owned group of companies employing over 5000 people established in 1991 by Mr. Shefqet Kastrati and mainly recognized as the leading Albanian retail and wholesale trader of hydrocarbon products. Kastrati successfully operates in other industries, such as: insurance, construction, real estate development, infrastructure development, tourism, hospitality, automotive distribution, retail. After signing management contracts with Hyatt and Hilton in Albania, Kastrati Group purchased the first property in the United States and is looking to further expand its portfolio.

Charlie Ratner, Esq. of Miami Beach based Charles Ratner. P.A., whose grandfather built the iconic Clevelander Hotel in Miami Beach and whose uncle Nat Ratner brokered the original sale of nearby Fisher Island in the 1950’s, represented the Buyer as Real Estate counsel in the complex purchase.

Situated in the center of Brickell’s fast-paced urban environment, the SLS Brickell Hotel is surrounded by a plethora of high-rise condominiums, Class A office buildings, sophisticated retail, and dining options. As a thriving residential and commercial district, the bustling business hub is a magnet for high foot traffic and is recognized as the second-largest international banking hub in the country.

The Related Group and Dakota Development developed the SLS Brickell Miami property in 2016 and sold the SLS Brickell Hotel component in 2019 for $43 million. The asset boasts nearly 58,000 square feet of indoor and outdoor event space, two fully-built ground-floor restaurants, three bars/lounges, a rooftop pool terrace, two ballrooms, various meeting spaces, a fitness-center and the Ciel Spa. Designed by Philippe Starck and Arquitectonica, the hotel traded in this deal occupies the first nine floors of the SLS Tower, with common areas and 453 residential condominium units above. Fi’lia Restaurant currently occupies the 4,530 square-feet of ground floor retail which also traded in the current sale. Jordan Karp also arranged the recent off-market sale by Brickell Miami LLC to Black Lion’s Robert Rivani of the adjacent 7,182 square-foot commercial restaurant space in the project, formerly occupied by celebrity chef Jose Andres’ Bazaar Mar for $10 million in April 2023, and slated for a new restaurant concept.

In 2022, U.S. hotels saw approximately $44.9 billion of investment. Gross hotel revenue increased by 29% in Miami-Dade County in 2022, according to the Greater Miami Convention and Visitors Bureau. With record-high visitor growth and more than 17.1 million hotel room nights sold in 2022, SLS Brickell Hotel’s landmark transaction reinforces the region’s appeal to investors and strengthens its reputation as a premier destination for business and leisure travel.

Images via Disruptive Real Estate and Jordan Karp LLC

Robert Rivani's Black Lion and Mathieu Massa's Massa Investment Group Set To Acquire Former Starwood Capital HQ In Miami Beach For $82 Million

Real estate and hospitality visionaries Robert Rivani, founder and President of Black Lion, in partnership with Mathieu Massa, Founder and CEO of Massa Investment Group, are under contract to acquire one of the most significant office buildings in Miami Beach for $82 million. Serving as the former headquarters of Starwood Capital, the building has been primarily vacant since the company exited in 2022. Black Lion and Massa Investment Group have plans to invest millions to overhaul and breathe new life into the property.

Located in the heart of the South Beach historic district, the property occupies a coveted corner at 1601 Washington Avenue, allowing for ocean-level views of the beach and scenic Miami skyline. Encompassing a sprawling 140,000 square feet, the versatile mixed-use development comprises ground-level retail spaces plus an expansive 499-space parking garage. The 8-story building sits steps away from the iconic Lincoln Road Mall, ensuring effortless access and walkability to a wealth of restaurants, shopping, and hotel options.

“Black Lion has a track record for transforming properties into prime assets by being creative and coloring outside of the lines. Our vision for this space is next level,” said Rivani. “With the migration of companies and wealth from cities like Los Angeles, New York and Chicago to South Florida, there is an undeniable need for elevated, world-class office space. We plan to deliver a one-of-a-kind hospitality office and retail experience that the area has never seen before.”

"Teaming up with Robert Rivani and Black Lion on this groundbreaking Miami Beach acquisition is an exciting step forward in our journey to redefine luxury living and workspaces,” said Mathieu Massa. “This property at 1601 Washington Avenue holds immense potential, and our vision is to transform it into an unparalleled, world-class office and retail destination that South Florida has long been yearning for. We're here to bring innovation, creativity, and a touch of visionary flair to this iconic space."

Jeremy Hakala and Clay Sidner with Newmark brokered the deal. The property is expected to close at the end of the year.

Torose Equities, LNDMRK Development and Terranova Corporation Acquire 255 Alhambra Class-A Office In Coral Gables

A partnership among Miami-based real estate investment firms Torose Equities, Lndmrk Development and Terranova Corporation has acquired 255 Alhambra, an approximately 220,000-square-foot Class A office building in downtown Coral Gables. The acquisition gives the JV access to one of Miami’s most sought-after office submarkets.

255 Alhambra, located on 1.3 acres on Alhambra Circle, offers top-notch amenities, including floor-to-ceiling windows, a newly renovated lobby and proximity to Coral Gables’ best restaurants and entertainment. The seller was an affiliate of Deutsche Bank/RREEF. The JV partners plan to further amenitize the property, building on the recent improvements and capitalizing on the demand for Class A office space in Coral Gables.

“It is rare to find an institutional-grade property like this strategically located in a high-barrier-to-entry submarket with so much upside potential,” said Scott Sherman, founder and principal of Torose Equities. “This property is positioned to generate strong returns with stable in-place cash flow. Our contrarian approach of buying office and retail spaces when everybody is being extremely cautious has once again enabled us to find strong value in an asset class and market we’re very bullish on.”

The JV partners expect to see strong demand for office space in Coral Gables in the coming months and years, as leases in more expensive office submarkets begin to expire. Rental rates in markets like Brickell, downtown Miami and Coconut Grove have increased significantly since the onset of the pandemic, making lease renewals unaffordable to some companies. Case in point: between Brickell and downtown Miami, approximately 1.9 million square feet of tenant leases are scheduled to expire over the next four years. On top of that, companies from outside the region continue to move to Miami in pursuit of a more business-friendly environment. The influx of tenants seeking to take advantage of Coral Gables’ discounted rents will, in turn, fuel rents in 255 Alhambra.

“Terranova has long seen the growth potential for Coral Gables, and we are thrilled to continue to invest in the community through the office building acquisition at 255 Alhambra Circle,” said Stephen Bittel, founder and chairman of Terranova Corporation. “We enjoy working alongside the Torose Equities team and aligning on our understanding that Coral Gables is in the midst of an incredible commercial and office real estate boom. The area offers companies a holistic business and lifestyle opportunity which serves as an extremely attractive alternate to traditional hot commercial real estate markets like Brickell and Downtown Miami.”

As the largest property owner along Miracle Mile, Terranova has a strong, active presence in Coral Gables. The company’s retail expertise will play a significant role in bringing top retail tenants to activate the building’s ground-floor retail space.

Together, Torose, Lndmrk and Terranova will execute the business plan for 255 Alhambra. The JV will leverage its extensive experience in leasing and operating office assets to lease up the existing vacancy and upgrade the building amenities.

"Coral Gables is a market with a great deal of untapped potential, and this acquisition is a tremendous opportunity for the partnership," said Alex Karakhanian, founder and principal of LNDMRK Development. "I look forward to continuing to grow our relationship with Torose and Terranova as we explore other opportunities for acquisition and repositioning in this bourgeoning submarket.”

Downtown Coral Gables is one of South Florida’s most pedestrian-friendly neighborhoods with the ideal environment to live, work, eat and shop all in one place. 255 Alhambra is a block away from Giralda Avenue, home to “Restaurant Row” with 22 food and beverage establishments all concentrated in the portion of the street closed to traffic. The building is also about four blocks north of Miracle Mile, a premiere destination for shopping, dining, and entertainment.

This acquisition comes shortly after Torose’s first office acquisition of 6302 Corporate Center in partnership with Merrimac Ventures in Tampa and its recap of a 300,000-square-foot office building in Midtown Atlanta, called The Peachtree, with Banyan Street Capital. Torose remains bullish on select office and retail markets as it continues to employ its contrarian approach to investing.

Images via Torose Equities

Elysee Investments Acquires Retail Property Across From Former Deauville Development Site For $5.5 Million

Elysee Investments, one of Miami Beach’s largest retail owners, $5.5 million sale of 6644 Collins Ave. in Miami Beach, an 8,700-square-foot corner retail property with four tenants. The one-story, freestanding building is located directly across the street from the famed, 3.8-acre Deauville Hotel site, which features 500 feet of beachfront. The Deauville Hotel site has made headlines for years as the famed hotel fell into an unsalvageable state before controversially being demolished. Miami Beach voters then rejected a proposal from Stephen Ross’ Related Companies to develop an Equinox-branded two tower hotel and residential luxury project designed by legendary architect Frank Gehry.

Berkshire Hathaway HomeServices EWM Realty top-producer and Senior Vice President Nelson Gonzalez marketing the property on behalf of the seller. Elysee Investments was assisted by Greg Greer of CRR of South Florida, LLC.

“This property represents tremendous opportunity at the epicenter of one of the area’s most exciting, up-and-coming beachfront neighborhoods,” said Gonzalez. “The building’s value is only set to skyrocket once the Deauville site is purchased and developed into a multi-billion-dollar, ultra-luxe condominium or hotel – which will be transformative for this part of North Beach and its future growth. Just a block from the sand, 6644 Collins Ave. is ideally positioned to capture a heightened inflow of foot traffic and high-end business activity as well-heeled consumers continue to descend on the area.”

All four tenants, Venezia Bar & Pizzeria, Pink Donuts, NoBe Yoga, and Mr. Blendz Barber Shop -- will remain in place.

Images via Luxehunters Productions

Terra and Lion Development Group Acquire Midtown Development Site For $40 Million

A joint venture between leading Miami-based developers Terra, led by David Martin, and Michael Simkins’ Lion Development Group, has closed on the $40 million purchase of a prime 1.6-acre piece of property located at 3501 NE 1st Avenue in Miami. Plans call for an iconic luxury condominium tower designed by Miami-based architect Arquitectonica and international design studio Yabu Pushelberg set to rise at the nexus of Miami’s most in-demand neighborhoods, including the Design District, Midtown, Wynwood and Miami Beach. The joint venture has secured $30 million in financing from Metropolitan Commercial Bank, which will provide for the acquisition of the property and fund initial site development in advance of the project’s groundbreaking in 2024. Completion is estimated for 2026.

“Terra has long been committed to promoting design excellence and connectivity, so the opportunity to develop a tower at the gateway to the Design District, which has come alive as one of South Florida’s most walkable neighborhoods, is appealing. This tower will cater to residents who want to live steps away from world-class shopping, dining, and arts and entertainment – and minutes away from Miami Beach,” said David Martin, CEO of Terra.

“Here at Metropolitan Commercial Bank, we lend to best-in-class sponsors who are battle and time-tested experts in their asset class. We help them create and sustain generational wealth by understanding exactly how they create value, and by structuring our transactions to maximize this value creation. Terra has been on the front lines of reinvigorating some of the city’s most desirable neighborhoods for more than a decade now. We saw a great opportunity to help the firm acquire the last remaining undeveloped parcel in the Midtown Miami PUD. We are proud to add David Martin and Terra to our Florida sponsor roster,” said Manuel Vidal, Florida Market Manager for Metropolitan Commercial Bank.

Terra’s portfolio of luxury developments across South Florida includes Five Park, a 48-story residential tower rising at the entrance to Miami Beach; the two-tower Mr. C Residences Coconut Grove, which is nearing completion later this year; THE WELL Bay Harbor Islands, a wellness-focused mixed-use property planned for Miami’s Bay Harbor Islands with 54 luxury residences and 80,000 square feet of class A office space; and Villa Miami, a 55-story waterfront tower planned for Miami’s Edgewater neighborhood with roughly 50 full-floor residences.

Lion Development Group is led by Michael Simkins, one of the visionaries behind the E11EVEN brand and one of the largest property owners in Miami. Michael Simkins is leading the redevelopment of several distinct neighborhoods in South Florida and is currently developing E11EVEN Hotel & Residences, E11EVEN Residences Beyond and West Eleventh Residences.

Related Group and LNDMRK Acquire Three-Parcel Site In Edgewater For $12 Million

The Miami-based Related Group, along with partner Alex Karakhanian at LNDMRK, have acquired 18,000 sq. ft. land parcel encompassing three adjoining sites in Miami’s Edgewater neighborhood. Located at 519, 525, and 535 NE 29th Street, the land overlooks Biscayne Bay and provides easy access to MacArthur Bridge, connecting Edgewater to Miami Beach, and to I-195, leading north to Fort Lauderdale and Palm Beach. Related and LNDMRK paid $12 million for the largely undeveloped site.

“Related identified the growth potential of Edgewater years ago, when we delivered the transformational, four-tower Paraiso Bay community along with Edgewater’s first five-star waterfront restaurant, Amara at Paraiso,” said Nick Perez, President of Related’s Condominium Division. “Edgewater offers it all- prime waterfront views, world-class culinary offerings, and easy access to other key hubs, from the Design District to Miami Beach. This newest acquisition is another step forward in our efforts to solidify the area as a true hot spot.”

“We’re thrilled to announce our acquisition of this premier property in Edgewater,” said Alex Karakhanian of LNDMRK Development. “We look forward to expanding our relationship with Related, who is also our partner on two other nearby projects, The Dorsey and NoMad Residences Wynwood.”

The seller, PPD Edgewater LLC was managed by Esteban Koffsman for the deal, and brokers Joel Rodriguez and Alex Suarez of Global Investment Realty brokered the transaction. LNDMRK Development is a principal based real estate company that primarily focuses on sourcing, acquiring, and developing commercial, residential, and mixed use projects throughout the Southeastern United States. Related and LNDMRK continue to pursue additional joint opportunities throughout South Florida.

Robert Rivani's Black Lion Investment Group Acquires SLS Brickell Restaurant Space For $10 Million

Black Lion Investment Group, the Miami-based real estate and hospitality developer led by Robert Rivani, has added yet another trophy property with the acquisition of the trophy restaurant space at SLS Brickell for $10,000,000. The restaurant space is approximately 13,500 SF of indoor / outdoor space and was previously Bazaar Mar by Chef Jose Andres which closed in 2019. The sellers were members of the Qatar’s ruling royal Al Thanis family who acquired both the hotel and restaurant space for $43 million in 2014.

The deal was brokered by Fabio and Sebastian Faerman of FA Commercial, who represented Black Lion while Jordan Karp of Jordan Karp, LLC. and Andrew Dicky of JLL represented the seller in the transaction.

Black Lion intends on bringing yet another one of a kind concept to Brickell’s already spectacular restaurant scene with a proven track record of restaurants like Gekko at SLS LUX, Catch and Continuum, Philippe Chow, Amara at Paraiso, Delilah and Wynwood Jungle.

The 52-story SLS Brickell is an over-the-top, chic residence and hotel tower developed by Related Group located in the heart of Brickell, just a walking distance from Brickell City Centre. The tower hosts 453 contemporary residences and hotel suits with panoramic views of the Miami skyline and Biscayne Bay.