Parking mogul Andrew Mirmelli and partner pick up South Beach garage for $20M

PGIM Real Estate sold the seven-floor garage roughly 11 months after selling the ground-floor retail component

Miami /
Apr.April 06, 2022 12:30 PM

Andrew Mirmelli and parking garage at 237 20th Street (Google Maps, Facebook)

Miami Beach parking mogul Andrew Mirmelli is scaling up his operations with the $19.6 million acquisition of a seven-floor garage.

Entities managed by Mirmelli and his business partner Shawn Vardi bought the parking structure at 237 20th Street in the city’s South Beach neighborhood, according to records. The buyers obtained a $13 million loan from Popular Bank to finance the purchase.

The seller, an affiliate of Madison, New Jersey-based PGIM Real Estate, paid $22.7 million for the garage in 2016, records show. That means PGIM, the real estate arm of life insurance company Prudential Financial, sold the garage for roughly $4 million below its previous purchase price.

In May, PGIM and partner Madison Capital sold the garage’s ground-floor retail and a two-story retail component in the Boulan South Beach hotel at 2000 Collins Avenue for $34 million, records show. The joint venture still owns the hotel portion. In 2016, PGIM paid $33.6 million for the 56-room Boulan hotel.

Mirmelli is a real estate investor who owns and operates parking lots in Miami and Miami Beach. In June, Mirmelli’s M&M Parking sold a half-acre parking lot in downtown Miami for $12.4 million to developer and land assembler Moishe Mana. Mirmelli sold the property for roughly $8 million above his purchase price of $3.9 million in 2013.

In August, Mirmelli paid $21 million for a waterfront home in Miami Beach and immediately put the property up for sale. His asking price for the five-bedroom house: $30 million. In December, Mirmelli upped the price to $33 million, according to a Zillow listing.

Mirmelli has also wheeled and dealed in Broward County. In 2020, Mirmelli and business partner Mark Alhadeff sold the Promenade at Inverrary retail center in Lauderhill for $12.8 million, a year after acquiring the property for $10.6 million.





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