CitizenM Hotels Buys Retail Property In Miami From Marketplace Investment Group

The Perricone’s Marketplace & Café site in Brickell, spanning 10,965 square feet, located at 15 Southeast 10th Street and 955 South Miami Avenue in Miami, Florida, was acquired by citizenM Hotels for $16.2 million, equating to approximately $1,475 per square foot.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $16,200,000.00
• Buyer: citizenM Hotels
• Seller: Marketplace Investment Group
• Buyer's Representative: Larry Stockton (Colliers International)

Larry Stockton of Colliers International played a pivotal role as the exclusive broker representing both Marketplace Investment Group, led by Steven J. Perricone, and citizenM Hotels in the $16.2 million deal. The acquisition, executed as part of a sale-leaseback arrangement, sees Perricone's retaining a five-year lease on the property, with future plans for redevelopment into a hotel, potentially featuring a Perricone’s restaurant component.