Simon Sheds Lifestyle Center in the Magic City

HFF announced that it has closed the sale of a cinema-anchored mixed-use lifestyle center in Miami Beach.
The Shops at Sunset Place

The Shops at Sunset Place

The Shops at Sunset Place has a new owner. A joint venture led by Federal Realty, Grass River Property and Comras Company acquired the asset. HFF marketed the property on behalf of the sellers, Simon Property Group and Miller Capital Advisory. The purchase price was not disclosed, but HFF communicated that an existing loan was assumed as a part of the transaction.

Situated on 10.36 acres at 5701 Sunset Drive, the mixed-use lifestyle center is anchored by a 24-screen AMC Theatre and multiple national retailers such as Barnes & Noble, LA Fitness, GameTime, Forever 21, Splitsville and Z Gallerie. Other tenants include Gap, Hollister, Express, American Eagle Outfitters, Buffalo Wild Wings, Panera Bread, Mellow Mushroom, Armani Exchange and Banana Republic.The four-story, open-air center has office space and a multi-housing component in addition to the retail stores, along with a 1,862-space, eight-level parking garage.

The property was 84 percent leased at the time of the disposition. The team that represented the seller was led by Senior Managing Director Daniel Finkle and Managing Director Luis Castillo of HFF.

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