- Marjorie van Elven |
Miami’s high-end shopping center Bal Harbour has secured 550 million US dollars in financing from MetLife Investment Management for its largest expansion project to date. Holiday Fenoglio Fowler (HFF) brokered the loan on behalf of borrower Whitman Family Development.
300,000 square feet will be added to Bal Harbour’s existing 463,114 square-foot premises including a 57,414 square-foot space to be occupied by Barneys New York -- the brand’s only flagship in southeastern US. Neiman Marcus will also be expanded by 20,000 square feet.
“The loan marks the official launch of the Bal Harbour Shops expansion and represents the growth and strength of Miami’s retail real estate market”, said HFF Senior Managing Director Chris Drew in a statement. “Bel Harbour continues to experience intense demand from both existing tenants and retailers that have been waiting years to join its roster, and we are excited that this loan will allow the expansion plan to come to fruition”.
Inaugurated in 1965, Bal Harbour Shops are the first all-luxury fashion shopping center in Miami, with shops like Chanel, Gucci, Tiffany & Co and Valentino. The mall has operated at 100 percent occupancy for several decades, with a waiting list.