'Million Dollar Listing's Josh Flagg Scoops Up $4.45 Mil Miami Beach Home

Josh Flagg is now the proud owner of an impressive Miami Beach pad ... making it clear he's out to grow his property portfolio with a real estate shopping spree.

Sources with direct knowledge tell TMZ ... the "Million Dollar Listing Los Angeles" star and his business partner/best bud Adam Rubin of Carolwood LP are in escrow on the $4.45 million Mediterranean-style villa -- and the 3,309-square-foot home is a beauty.

The property includes some sweet perks like a spa, cabana and obligatory pool ... along with a large outdoor area built for entertaining friends and loved ones.

It looks beautiful as is, but we're told Josh and Adam plan to completely remodel ... and they'll use the finished product as a crash pad when they're in the 305 for business. They clearly wanted it badly, because they dropped cash to nab it!

North Bay Road -- where the home's located -- is one of the most coveted places to live on Miami Beach, with some mansions topping $100 million! Some famous folks who have lived in the affluent neighborhood in the past and present include Matt Damon, Jennifer Lopez, Phil Collins, and Dwyane Wade.

TMZ broke the story, Josh, who's with Douglas Elliman, bought a massive Bev Hills mansion last year for $9.2 mil.

We're told Josh was seen as recent as last week shopping for property in NYC and L.A.

Josh and Adam are co-investors in several deals including commercial real estate and food and beverage establishments like Cha Cha Matcha, Pops Bagels, Zabs Hot Sauce and Happy Hour Seltzer.