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A joint venture led by CIM Group and Park West Ventures has completed the sale of the retail component at Miami Worldcenter for $210 million, marking a significant trade within Downtown Miami’s emerging mixed-use district. The transaction transfers ownership of the newly built retail portion of the project to a partnership composed of the Falcone Group, ROK Acquisitions, The Davis Companies and Jamestown.
Miami Worldcenter is positioned as an urban lifestyle destination within Downtown Miami, integrating retail, residential, office and hospitality uses across a large master-planned footprint. The retail component that changed hands consists of approximately 272,966 square feet of upscale shop space completed in 2024, forming the core of the project’s open-air shopping and entertainment offering.
The seller, a joint venture led by CIM Group and Park West Ventures, serves as the master developer of the broader $6 billion Miami Worldcenter development. That larger master plan, once fully built out, is expected to encompass approximately 12,000 residential units, more than 600,000 square feet of office space and 850 hotel rooms, with the retail element functioning as a primary amenity and activity hub for residents, workers and visitors.
On the buy side, the retail asset was acquired by a joint venture including the Falcone Group, ROK Acquisitions, The Davis Companies and Jamestown. The buyer group is taking control of a high-profile retail environment anchored by a flagship Apple store and populated by a mix of national and international brands. The roster of tenants includes Club Studio, Maple & Ash, Ray-Ban, Sephora, Lululemon, Lucky Strike and Museum of Ice Cream, among others, reflecting a blend of experiential, fashion, dining and entertainment concepts.
Newmark advised on the disposition, with Conor Lalor of Newmark acting as advisor to CIM Group. Eric Williams represented the seller joint venture led by CIM Group and Park West Ventures, working alongside Adam Spies on the assignment. The involvement of a national brokerage platform and a multi-party buyer consortium underscores the institutional interest in core urban retail tied to large-scale mixed-use development.
The sale of the Miami Worldcenter retail component provides a pricing benchmark for recently delivered, experience-oriented retail in a dense downtown setting. With the broader project still in its build-out phase and additional residential, office and hospitality components planned, the newly traded retail asset is positioned as a central feature of one of Miami’s largest ongoing mixed-use developments.
The post CIM Group, Park West Ventures Sell Miami Worldcenter Retail for $210M appeared first on CRE Market Beat.
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