The project will include more than 120,000 square feet of Class A office space, along with over 11,000 square feet of ground-floor retail.
Simon acquired the 18.6-acre Sears site last year for $23 million.
The portfolio includes four shopping centers located in Miami-Dade, Broward and Palm Beach counties.
Newmark Managing Director Mitch Heifetz is spearheading marketing and leasing initiatives.
The properties were sold by Frisbie Group-affiliated ownership, along with entities tied to ophthalmologist Dr. Stephen Sullivan and Marcia Sullivan.
Nelson Garcia of RARE CRE represented the seller in the acquisition. Michael Basinski and Mitch Sinberg of Berkadia Boca Raton arranged a $31.75 million acquisition loan through City National Bank.
The site has long attracted developer interest because of its scale, location and proximity to transit.
Newmark Managing Director Mitch Heifetz serves as the building’s exclusive leasing agent, representing Brickstar Capital in the transaction. The tenant was represented by Jared Robins of Inhouse CRE.
Over the past three years, he has closed more than $100 million in transactions, earning a reputation as one of South Florida’s most active retail investment brokers.
The master-planned development will include 401 multifamily residences, approximately 426,764 square feet of essential and service-oriented retail, a 125-key lifestyle hotel and an approximately 82,875-square-foot office building.
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