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

Posted :
June 16, 2020
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As reported in The Real Deal.

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.