Whitman Family May Sell Back Stake In Brickell City Centre To Swire
Bal Harbour Shops could end up selling their stake in the mall at Brickell City Centre back To Swire Properties.
In an earnings report last week, Swire disclosed that Bal Harbour Shops has an option to sell their stake in the project back. The option can be exercised on the second anniversary of the grand opening of the retail component, which is scheduled for fall of 2016.
Swire owns just 61.5% of the mall after selling stakes to two mall operators. Bal Harbour Shops acquired a 13.5% stake for an undisclosed price, while Simon Property Group bought a 25% stake for about $100 million.