MIAMI—Heitman has snapped up a reinvented trophy power center in Miami’s Coral Way submarket for $92 million. Hietman bought Miracle Marketplace, a 243,047-square-foot, seven-story class A vertical retail property, from AWE Talisman.
Jones Lang LaSalle’s Capital Markets represented AWE. JLL managing directors Carson Good, Margaret Caldwell, Kris Cooper and Denny St. Romain led the JLL team on this transaction.
“Miracle Marketplace offered investors best-in-class tenants in a densely populated, high barrier-to-entry retail corridor offering a great deal of market growth,” says Good. “Heitman’s purchase of this irreplaceable asset with a towering physical presence will allow them to capitalize on Miami’s ongoing urban revitalization and strengthening retail fundamentals.”
Miracle Marketplace is located along the Miracle Mile/Coral Way. Nordstrom Rack, Ben Bath & Beyond, Marshalls, LA Fitness, PetSmart, DSW Shoe Warehouse, and Ulta anchor the retail center.
“Miracle Marketplace proved extremely attractive to investors not only for its inherent top-shelf qualities, but also because the overall retail capital markets continue to gain positive momentum,” Caldwell says. “More trophy properties are coming to market with pricing not seen since before the Recession; capital is also building for retail opportunities–culminating in quicker closings.”
AWE specializes in repositioning of shopping centers. At Miracle Marketplace, AWE replaced five floors of retail, converting it into three floors of big box retail, despite a major tenant, Bally’s Total Fitness, operating in the center during this major renovation.
Previously, AWE repositioned two department stores in Southfield and Roseville, MI, to create one of the first power centers in the U.S. The reinvention of the old Midway Mall, a 690,000-square-foot dying regional mall, was transformed into the Mall of the Americas, the first Hispanic-oriented value mall in the U.S.