Greg Mirmelli picks up Collins Avenue property after flipping nearby building

Mirmelli recently bought property near The Standard hotel, sold 800 Collins Avenue

Miami /
Feb.February 09, 2022 03:30 PM
Greg Mirmelli with the Collins Avenue property (Getty)

Greg Mirmelli with the Collins Avenue property (Getty)

Miami Beach investor Greg Mirmelli purchased a retail property on Collins Avenue that he eventually hopes to redevelop into a high-end residential project, The Real Deal has learned.

Mirmelli said he paid about $6.5 million for the building at 600 Collins Avenue in South Beach. The acquisition follows his sale of 800 Collins Avenue in November for $6.2 million.

The 600 Collins Avenue deal includes the corner property at 215 Sixth Street and the adjacent building at 604 Collins Avenue. Marcus & Millichap’s Drew Kristol and Kirk Olson brokered the deal.

Property records show an affiliate of Optimum Asset Management USA, led by Managing Director Matthew Barry, sold the parcels to Mirmelli. Optimum developed the nearby Celino South Beach hotel complex on Ocean Drive, which it sold last year to a hotel fund that counts Alex Rodriguez among its inventors.

Optimum paid about $12.9 million for both parcels in 2014, about double what Mirmelli recently paid.

Kristol of Marcus & Millichap said Optimum planned to redevelop the Collins Avenue retail property but “the market just never met the demand for that type of development.”

In late December, the former Señor Frog’s property at 1450 Collins Avenue sold for $10 million.

“We’ve gone through a period where there’s literally been little to no transaction volume between Fifth and Ninth Streets, but it picked up [recently],” Kristol added. “People are starting to move on from these properties. Investors are ready to transact on the street. You need sellers willing to sell.”

Mirmelli said he plans to keep the 600 Collins Avenue building’s current tenants, which include Simon’s Sportswear and a women’s clothing store. He eventually plans to work with the city of Miami Beach to develop high-end residential on the 0.3-acre property. It has about 100 feet of frontage on Collins Avenue and is near the recently completed Goodtime Hotel on Washington Avenue and Sixth Street.

Last year, he flipped 800 Collins Avenue for $1.7 million more than he paid in a period of about seven months. Mirmelli had planned a mansion-hotel concept for the Art Deco building, previously home to a Banana Republic.

Mirmelli also recently acquired a waterfront property next to The Standard hotel in Miami Beach for $5.3 million.





    Related Articles

    arrow_forward_ios
    Pebb Capital's Todd Rosenberg with 4000 Collins Avenue (Loopnet, iStock)
    Pebb JV sells CVS-anchored retail space in Miami Beach for $18M
    Pebb JV sells CVS-anchored retail space in Miami Beach for $18M
    Black Lion Investments' Robert Rivani and the Ritz-Carlton Residences at 4701 North Meridian Avenue in Miami Beach (Ritz-Carlton Residences, Black Lion Investments)
    Black Lion’s den: Robert Rivani pays $8M for waterfront Miami Beach penthouse
    Black Lion’s den: Robert Rivani pays $8M for waterfront Miami Beach penthouse
    The shopping center at 12495 Southwest 88th Street (Frontier Companies)
    Frontier pays $18M for Best Buy-anchored shopping center in Kendall
    Frontier pays $18M for Best Buy-anchored shopping center in Kendall
     E11even's Marc Roberts and Romie Chaudhari with 60 and 90 Northeast 11th Street (Marc Roberts, Abingtonemerson, Loopnet, iStock)
    Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
    Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
    Emilio and Gloria Estefan with 444 West Rivo Alto Drive (Getty, Redfin)
    Gloria and Emilio Estefan sell waterfront Venetian Islands home
    Gloria and Emilio Estefan sell waterfront Venetian Islands home
    Michele and Kevin Segalla and Ilya Karpov with 320 Hibiscus Drive (LinkedIn, Craig Denis) Miami, Mansions
    Mobile gaming tycoon, investment manager wife pay $29M for Hibiscus Island spec mansion
    Mobile gaming tycoon, investment manager wife pay $29M for Hibiscus Island spec mansion
    The Villa Paradiso at 1415 Collins Avenue and The Orchid House Hotel at 1350 Collins Avenue with Randall Smith of Alden Global Capital and Joe Nakash (Getty, Wikipedia)
    Boutique South Beach hotels trade amid heightened demand
    Boutique South Beach hotels trade amid heightened demand
    Surfside collapse site (Getty)
    Surfside collapse lawsuit reaches nearly $1B settlement
    Surfside collapse lawsuit reaches nearly $1B settlement
    arrow_forward_ios

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

    Loading...