MIAMI | Mary Brickell Village Acquisition (Monitor) 4.1 mil-sqft potential

[chris08876]

Something to monitor:

NEW YORK , Aug. 03, 2022 (GLOBE NEWSWIRE) -- RPT Realty (NYSE:RPT) (“RPT” or the “Company”) announced today the acquisition of Mary Brickell Village (“MBV”) in Miami, through the Company’s grocery-anchored joint venture platform, for a contract price of $216 million or $111 million at the Company’s pro-rata share. MBV is a generational three-story, 200,000 square foot, grocery anchored, mixed-use center that sits on 5.2 acres in the heart of Miami’s booming Brickell neighborhood. Located at the epicenter of Miami’s premier retail and dining destination with over 6.7 million annual visitors, it has quickly become one of the most sought-after office, residential and hospitality markets in the U.S., creating the ultimate day to night lifestyle and entertainment oasis.

Mary Brickell Village is strategically positioned on both sides of bustling South Miami Avenue, just a few blocks from Biscayne Bay, in a dense infill and high traffic location that offers world-class entertainment, luxury residences, hospitality and a thriving shopping district. MBV is anchored by a top performing Publix supermarket and features a strong lineup of food and beverage, service and necessity tenants. Tenant sales average over $1,100 per square foot with low occupancy costs. The property is currently 78% occupied with 31,700 square feet of signed leases, representing almost 16% of occupancy upside, with attractive contractual rent growth providing visible near-term earnings upside. In addition, MBV provides for compelling value-creation opportunities as the site’s zoning allows for the potential to develop up to 80 stories or 4.1 million square feet which could consist of residential, office and hospitality.

“The acquisition of Mary Brickell Village reflects the future of RPT,” said Brian Harper, President and CEO. “The value creation potential of what we believe is one of the top open-air centers in the country is unparalleled given the earnings growth potential and the material densification opportunity at the site. Our success in acquiring this generational asset is also a testament to the strategic value of our joint venture platforms, which provide RPT with unique competitive advantages that extend well beyond financial benefits, as we continue to grow and improve the quality of the portfolio.”

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https://www.globenewswire.com/news-r...-Miami-FL.html

[JMKeynes]

I don’t think that this is good. MBV is a nice little group of buildings.

[chris08876]

^^^

I think this statement says it all:

“The value creation potential of what we believe is one of the top open-air centers in the country is unparalleled given the earnings growth potential and the material densification opportunity at the site. "

Material densification pops up. I just wonder, just for speculation, if they develop this site, a sort of incorporation of the retail present. It's location is very prime but yes, I think in a way it would be a loss unless they find a way to incorporate the existing stuff or the functionality.

[chris08876]

Sale of famed Mary Brickell Village signals that more high-rise buildings are coming

A landmark shopping and dining area in the Brickell neighborhood of Miami has been sold.

RPT Realty announced on its website that it has acquired Mary Brickell Village for $216 million.

On the release, RPT touts Mary Brickell Village as a “generational grocery-anchored, mixed-use center in the premier financial district of Miami.”

RPT also hinted what may be to come, saying there is a “compelling value-creation opportunity through the vertical development of the site, where zoning allows for 4.1 million of additional square footage.”

“The value creation potential of what we believe is one of the top open-air centers in the country is unparalleled given the earnings growth potential and the material densification opportunity at the site.” said Brian Harper, RPT President and CEO.

Mary Brickell Village opened in May, 2006. It has been home to big-time restaurants, clubs and stores like Blue Martini, Rosa Mexicano and Publix.

RPT says nearly 7 million people visit the area every year.

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https://www.local10.com/news/local/2...ium%3Dsharebar