The private equity real estate investment firm Sterling Organization has announced that Costco has signed a new lease at the Mall of the Americas in Miami. The new 151,104 sq ft deal is for 20 years in the mall located on W. Flagler Street. In order to accommodate Costco, a portion of the north wing of center will be demolished. Originally developed in 1970 as the Midway Mall Mall of the Americas, it now boasts an almost 800,000 sq ft partially enclosed shopping center. The landlord expects construction to commence in mid-October and Costco to open in late 2016. Mall of the Americas is currently anchored by national tenants Home Depot, Tiger Direct, Old Navy, Marshalls, and Ross Dress for Less.
“Mall of the Americas is a fantastic retail real estate location with approximately 500,000 cars passing it per day between Flagler Street and the confluence of the adjacent Palmetto and Dolphin Expressways,” said Greg Moross, Principal and Chief Operating Officer of Sterling Organization. “The property has the potential to once again be a premier shopping destination in Miami, and the addition of Costco should be the impetus.”
