After nearly two decades, Dolphin Mall is getting a new owner
Dolphin Mall is getting a new owner, after longtime owner Taubman Centers Inc. announced its entire mall portfolio was being acquired.
The transaction, once completed, will see Indianapolis-based Simon Property Group taking over Dolphin, along with 21 other Taubman properties, in a deal valued at $3.6 billion. Dolphin has been owned by Michigan-based Taubman since opening in Sweetwater in 2001.
A Taubman representative declined to state the mall’s current occupancy. The mall currently has 225 tenants.
“We are incredibly pleased with our occupancy levels and tenant mix,” Maria Mainville said in an email. “There’s incredible demand for space for any short-term vacancy that may come about.”
Other Florida malls included in the deal are The Gardens Mall in Palm Beach Gardens; Waterside Shops in Naples; The Mall at Millenia in Orlando; International Plaza in Tampa; and The Mall at University Town Center in Sarasota.
While retail nationwide has been disrupted by the increase in e-commerce, many Miami-area malls have been able to buck the trend by catering to a combination of higher-end clients and tourists. While Dolphin continues to be a must-stop shopping mall for many Latin American tourists, it faces competition from other malls in the area. Many of these, including Sawgrass Mills, Aventura Mall, and Dadeland Mall, are already owned, whether wholly or in part, by Simon.
Through its operating partnership, Simon Property Group, L.P., Simon will acquire all of publicly traded Taubman’s common stock for $52.50 per share in cash. The Taubman family will sell approximately one-third of its ownership interest at the transaction price and remain a 20% partner in the Taubman Realty Group, the principal unit publicly traded Simon is acquiring.
This story was originally published February 10, 2020 at 1:17 PM.
