Today's Top Story
March 08, 2012
SWIRE PROPERTIES RECEIVES $140M FINANCING FOR BRICKELL CITICENTRE

A rendering of Brickell CitiCentre in Miami.

MIAMI — Swire Properties has closed on a $140 million credit facility to fund the operations and initial cost of the development of Brickell CitiCentre, a mixed-use project in the heart of the Brickell financial district in downtown Miami. HSBC Bank USA, N.A., provided the loan.

“The location of Brickell CitiCentre offers an excellent opportunity to draw market share from local businesses and residents as well as visitors,” said Martin Cubbon, chief executive of Swire Properties, the U.S. subsidiary of Hong Kong-based Swire Properties, Ltd., in a prepared statement. “We’re confident that Brickell CitiCentre will transform the Brickell neighborhood and become a key urban destination.”

The first phase contains approximately 4.3 million square feet, which includes 520,000 square feet of retail space, 800 condominium units in two towers, 243 hotel rooms, 93 serviced apartments, and two 110,000 square feet office towers. Completion is slated for late 2015. For the second phase, a 750,000-square-foot office tower is planned.

“We are a highly respected developer in Miami with 30 years of operational experience in the city and strong relationships within the community,” said Cubbon. “Miami’s economy is benefitting from investments by its neighbors from South America, and we see strong growth potential for the city.”

The Miami-Dade retail sector is a strong performer, evident by the flow of foreign capital flooding the market, according to a panel of industry experts who gathered last week at an International Council of Shopping Centers industry meeting in Miami. Interest rates are at historic lows and national retailers, including Whole Foods, ALDI and hhgregg, are aggressively seeking space in Miami-Dade County.

— Savannah Duncan

   

 

 

 
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SUMITOMO ACQUIRES TROPHY OFFICE BUILDING IN DOWNTOWN CHICAGO
CHICAGO — Sumitomo Corp. of Americas (SCOA) has acquired the 581,107-square-foot office portion of a 27-story tower in downtown Chicago. The purchase price was undisclosed, but Crain’s Chicago Business listed the purchase price at $111.5 million. The trophy-class...
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