The Real Deal Miami

Hotel operator buys Perricone’s Marketplace & Café site in Brickell

Trade is part of sale-leaseback with citizenM Hotels

Perricone’s Marketplace & Café in Brickell (Credit: perricones.com)

UPDATED Oct. 3, 4 p.m.: Steven J. Perricone just sold his Perricone’s Marketplace & Café site in Brickell to a hotel operator for $16.2 million, property records show.

Marketplace Investment Group, headed by Perricone, sold the 10,965-square-foot site at 15 Southeast 10th Street and 955 South Miami Avenue to citizenM Hotels for about $1,475 per square foot.

The trade is part of a sale-leaseback agreement with the hotel company, according to a spokesperson for Perricone’s. Larry Stockton of Colliers International served as the exclusive broker for both sides. Financial terms of the lease were not disclosed.

Perricone told The Real Deal that he has a five-year lease. Eventually the site will be redeveloped as a hotel with the possibility of a Perricone’s restaurant component, he said.

Perricone opened his Italian 4,447-square-foot restaurant in 1995.

Today, Miami’s Brickell neighborhood is home to a number of recently completed condos and retail projects, including Brickell City Centre. Nearby, Ugo Colombo’s Brickell Flatiron is under construction.

Hotel developer and operator citizenM has built a majority of its hotels in Europe. It’s also completing a 300-room project in New York at 185 Bowery.

Ina Cordle contributed reporting.