Miami Beach parking lot owner Andrew Mirmelli and Miami-based attorney Mark Alhadeff just purchased a 198,480-square-foot business park in Oviedo.
The partners paid a total of $22.15 million across two separate transactions to acquire the Ganesh Business Park at 5707 Dot Com Court, according to recently recorded deeds in Seminole County. The deal breaks down to about $112 per square foot.
Ganesh Business Park, built between 2003 an 2008, consists of three office/warehouse buildings.
The largest, a 91,870-square-foot building, was completed in 2003 along with a 72,347-square-foot warehouse on the northwest corner of Dot Com Court and Econ River Place. The third building was built in 2008 and features 34,261 square feet.
Tenants at the business park include RLH Construction, ProActive Technologies, a BodyTech Performance gym and flight simulator hardware company, ELITE Simulation Solutions.
Records show Ganesh Holdings Inc. and Oxford RKP Inc. are the sellers. The original developer, Ganesh Holdings Inc. paid about $750,000 for the 18.6-acre property in 1999. Construction of the first buildings started in 2002.
A bulk of Mirmelli’s portfolio consists of privately-owned parking lots in and around the cities of Miami Beach and Miami. He and Alhadeff often team up in their real estate businesses.
The partners recently flipped a 143,430-square-foot retail center in South Florida for $12.75 million after paying $10.63 million for the property a little more than a year before, according to The Real Deal.
In the past, the parking lot investors have come under scrutiny for shoddy practices at its parking lots. According to several news reports, Mirmelli’s M&M Parking Management company was accused of deliberately confusing drivers to help a family member’s towing company.
The Miami New Times also reported the a private audit of M&M Parking properties found the company failed to report $883,192 in revenue from certain lots between June 2018 to July 2019, accounting for more than $135,000 in taxes owed to the city and $20,000 in interest and fines.
M&M Parking appealed the audit and is contesting the amount auditors believe is due. Attempts to reach Mirmelli and Alhadeff were unsuccessful.
Oviedo currently has a number of developments underway in the city.
Atlanta-based commercial real estate firm Brand Properties wants to develop a mixed-use project on the southwest corner of Clara Lee Evans Way and East Mitchell Hammock Road. The developer is seeking to build an apartment community with up to 297 multifamily units and 12,000 square feet of ground-floor retail.
Nearby, developer Marc Hagle is planning two apartment communities and a 124-room hotel at the shuttered Macy’s store at the Oviedo Mall at 1700 Oviedo Mall Blvd.