Miami Beach parking lot mogul sells retail center in Lauderhill for $13M

Mirmelli and his partner, attorney Mark Alhadeff, paid $10.6M for the property in February 2019

Miami /
Jun.June 15, 2020 04:30 PM
4402-4678 North University Drive, Todd Nepola

4402-4678 North University Drive, Todd Nepola

Miami Beach parking lot owner Andrew Mirmelli sold a retail center in Lauderhill for $12.75 million, a year after buying it.

Mirmelli and Miami Beach attorney Mark Alhadeff sold the 143,430-square-foot Promenade at Inverrary at 4402-4678 North University Drive for $88 per square foot, records show. A company tied to Hollywood, Florida-based Current Capital Group and Todd Nepola purchased the property.

Mirmelli and Alhadeff paid $10.6 million for the property in February 2019, records show.

Tenants include My Salon Suite, Crafty Crab, Tate’s Comics and VCA Animal Hospital. It was built in 1986, according to records.

Current Capital Group secured a $11.5 million loan from CenterState Bank to acquire and renovate the shopping center. Nepola said he plans to completely remodel the property over the next 12 months. It is currently 83 percent occupied, he said, adding that he plans to keep the retail center as a long-term hold.

Current Capital Group also bought the Coco Vista Center in January in Port St Lucie for $14 million, and sold University Drive Plaza in Tamarac in December for $4.3 million.

Mirmelli owns M&M Parking Management in Miami Beach, which owns private parking lots. The parking company has come under scrutiny for its signs that reportedly confused drivers and have led to expensive towing costs.


Related Articles

arrow_forward_ios
Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon) 18 Million, West Palm
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
From left: Scott Sherman and Ben Mandell (Tricera Capital, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman
Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman
Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
An aerial of the Mainstreet at Boynton with Banyan Development principal Jason Sher and Pebb Enterprises CEO Ian Weiner (LinkedIn, Pebb Enterprises, Aerial via Andy Traficante – Atlantic Aerial Imaging)
Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
O’Connor Capital's William O’Connor and 151 Worth Avenue (O’Connor Capital Partners, Google Maps)
Ex-Neiman Marcus building on Palm Beach’s Worth Avenue trades for $78M
Ex-Neiman Marcus building on Palm Beach’s Worth Avenue trades for $78M
The Gateway at Wynwood office building at 2916 North Miami Avenue with R&B Realty Group CEO Aron Rosenberg (LinkedIn, R&B Realty Group)
Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
CREC Capital’s co-founders Alan Esquenazi and Warren Weiser with 2400 Northeast 10th Court (CREC Capital, Google Maps)
South Florida’s retail market rebounds from pandemic but could face inflation, Russia war challenges: report
South Florida’s retail market rebounds from pandemic but could face inflation, Russia war challenges: report
From left: Barlington Group's Martin Pinilla II and Bill Fuller in front of 7330 Lake Worth Road in Palm Beach county (Barlington Group, Google Maps)
Fuller, Pinilla make Palm Beach County debut with shopping center buy
Fuller, Pinilla make Palm Beach County debut with shopping center buy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...