MIAMI, FL - Bilzin Sumberg Baena Price & Axelrod LLP has assisted Miami Design District Associates, a partnership between visionary developer Craig Robins and L Real Estate, a private equity fund focused on luxury retail real estate investment, in the sale of a minority equity interest in Miami Design District Associates to a joint venture between General Growth Properties and Ashkenazy Acquisition Corp. General Growth Properties, a Chicago-based publicly traded real-estate investment trust that owns, manages, leases and develops high-end retail properties throughout the United States, and New York-based Ashkenazy Acquisition Corp., a New York real estate investment firm which specializes in iconic retail properties around the country, formed a partnership specifically to acquire the interest in the Miami Design District, an eighteen square city block retail and entertainment development.
General Growth and Ashkenazy purchased a 20% stake in Miami Design District Associates for $280 million.
The Bilzin Sumberg team representing Miami Design District Associates was led by Corporate partner Alan D. Axelrod, and includes Real Estate partner Martin A. Schwartz. Bilzin Sumberg has been involved in the financings (both equity and debt), acquisitions and development activities of Miami Design District Associates since the project's inception.
The Miami Design District is currently being developed as the premier luxury shopping and dining destination in midtown Miami. Already home to high-end retailers like Louis Vuitton, Hermes, Cartier, Celine, Prada, Berluti and Lanvin, 50 others are slated to open in the coming months, including Tom Ford, Givenchy, Valentino, Ermenegildo Zegna, Miu Miu, Loro Piana and Fendi. By 2016, the Miami Design District will include over 120 luxury-brand stores, a boutique hotel, 15 to 20 restaurants, luxury residential condos, galleries and large-scale public art and design installations.
About Bilzin Sumberg
Bilzin Sumberg Baena Price & Axelrod LLP is a commercial law firm based in Florida. The firm’s core practices include Business Finance & Restructuring, Corporate, International, Land Development & Government Relations, Litigation, Real Estate and Tax. For more information, please visit bilzin.com.
Robert M. Siegel moderates the debt/equity financing panel at the Information Management Network's 4th Annual Real Estate Private Equity Forum on Land, Homebuilding, and Condo Development (East).