Aetna Realty Takes Next Steps With Landmark Florida Retail Property
In 2013, Aetna Realty acquired the 1.7-acre Macy’s flagship department store and adjacent west building at 2 West Flagler St. in downtown Miami. Four years later, the real estate investment firm is looking to fill several floors of the building with new retailers.
There has always been a department store on West Flagler Street. Macy’s gained control of the property in 1956, when the department store franchise merged with Burdine's, which originally leased the location in 1917.
The landmark property sits on a prime corner in downtown Miami, and is close to the Historical Museum of Southern Florida, the Gusman Center for Performing Arts, Bayside Marketplace, the James L. Knight Center and the Riverwalk, making it an ideal spot for retailers. The building also features a walking bridge, underground tunnels and a metromover that connects the two buildings across Miami Avenue. Aetna is looking to fill the property with retailers seeking between 20K SF and 80K SF.
Aetna Realty also has a strong presence in West Palm Beach and is actively looking for retailers to join its portfolio. The corner of 200 Clematis St., also known as 105 South Narcissus Ave., has 10,500 SF perfect for any restaurant, lounge or bar. Just down the street is 118 Clematis St., which has 4,500 SF available. In Homestead, Fla., up to 100K SF can be made available at 27455 South Dixie Hwy.
Aetna Realty has a storied history. Since 1896, the company has been a major presence in CRE, operating in 12 states across the U.S. and several global locations. From shaping development in Newark, N.J., over a century ago, to owning 3 million SF of Class-A office and retail properties in Montreal, Canada, Aetna pursues diverse and complex assets on a global level. An opportunistic approach to investment — Aetna invests its own funds — has paid off with numerous partnerships with international assets. Macy’s represents a small portion of the firm’s total reach, which spans 20M SF of real estate deals in major markets.
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