Perricone's Marketplace sells to Netherlands based CitizenM Hotels for $16.5 Million USD
Address: 955 S. Miami Ave. and 15 S.E. 10th St
📍Neighborhood: Brickell
Size: 10,965-square-foot
Sold for: $16.5 Million USD
Perricone’s Marketplace first opened its doors around 20 years ago.
Had been standing strong witnessing Brickell's evolution.
Mr. Perricone purchased the lot for $775,000 USD and he sold it now for $16.5 M USD
The baked brie. The iced tea. Lunch in the garden. A stop at the market because you're on your way to someone's house and need to bring something. Or the deli when cooking simply isn't part of the plan.
Perricone's has never really been just a restaurant. It was the restaurant, the market, the deli, and the garden. It became part of how Brickell functioned.
That's what makes this sale worth paying attention to.
Netherlands based citizenM Hotels has purchased the property for $16.5 million, paying roughly $1,500 per square foot for one of Brickell's best known corners. At that price, this isn't simply the acquisition of a restaurant. It's a transaction that says a great deal about where investors believe Brickell is heading.
The numbers tell part of the story. The property was reportedly purchased decades ago for approximately $775,000. Selling it today for $16.5 million reflects just how dramatically land values have changed as Brickell continues to evolve.
The buyer may be a hotel company, but the transaction is ultimately about land. At roughly $1,500 per square foot, this sale reflects the growing value of one of Miami's most important development corridors. Restaurants occupy real estate, and sometimes the land beneath them tells a much bigger story than the business itself.
CitizenM Hotel Rotterdam | photo by: Nadia Bouzid
CitenM hotels lays eggs in Miami. The Netherlands based hotel company just purchased Perricone's, an Italian restaurant in the heart of Brickell for $16.5M.
CitizenM Hotel Rotterdam
📷 photo by: Nadia Bouzid
The iconic marketplace which has been standing strong witnessing Brickell's evolution.
a picture from the art at a Citizen M Hotel in Rotterdam
photo by: Nadia Bouzid
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