Newmark Group, Inc. announced on April 2 that it has arranged the $210 million sale of the retail portion of Miami Worldcenter, a recently completed urban lifestyle center in downtown Miami. The transaction is reported to be the largest non-mall retail sale in South Florida since 2017.
The deal reflects continued interest from institutional investors in large-scale, high-quality retail properties located in growing urban districts. According to Newmark Research and MSCA, this sale stands out by sales price among recent transactions in the region.
Conor Lalor, Newmark’s Head of Retail Capital Markets for North America, acted as strategic advisor to CIM Group. Senior Managing Director Eric Williams represented the seller—a joint venture led by CIM Group and Park West Ventures—while Adam Spies also participated as Co-Head of U.S. Capital Markets. The buyer is a partnership between Falcone Group, The Davis Companies and Jamestown.
“Miami Worldcenter represents one of the most significant retail investment opportunities ever brought to market in South Florida,” said Lalor. “Institutional investors continue to target large, irreplaceable retail assets located in dynamic urban districts, and Miami Worldcenter stands at the center of one of the fastest-growing downtown markets in the country.” Williams said: “Assets of this scale and quality continue to command outsized interest from institutional buyers. This transaction reflects both the depth of capital targeting high-performing retail and the increasing velocity of large-scale trades as conviction returns to the market.”
The newly constructed property features about 272,966 square feet dedicated to upscale retailers such as Apple, Club Studio, Maple & Ash, Ray-Ban, Sephora, Lululemon, Lucky Strike and Museum of Ice Cream. It is part of a larger development that will eventually include around 12,000 residential units along with office space and hotel rooms.
Located at 1010 NE 2nd Avenue next to Kaseya Center—the home arena for Miami Heat—the property benefits from proximity to major transportation links like Interstates 95 and 395 as well as economic drivers including Brightline’s MiamiCentral station and PortMiami.
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