Miami investor acquires MiMo District property

A partnership between attorney Jay Solowsky and restaurateur Steven Perricone sold a MiMo District retail building completed last year to a Miami investor.

Milebella Investments received $5.8 million for the 12,000-square-foot building at 6101 Biscayne Boulevard, according to the brokers who represented both sides of the transaction. It paid $795,000 for the property in 2004. The buyer is 6101 Biscayne Investors, which is tied to Greenstreet Management of Coconut Grove.

Miami-Dade County has not recorded the transaction, which closed on Friday.

To help fund the building’s construction, Milebella previously sold a transfer of development rights to the Related Group. The partnership is believed to be among the first in the MiMo District to take advantage of a city program that allows certain property owners to transfer their unused development capacity to other property owners, who can apply the extra height or density to their projects.

Chariff Realty Group’s Lyle Chariff and Mauricio Zapata represented both Milebella and 6101 Biscayne in the deal. — Eric Kalis