Israeli businessman Moishe Mana purchased 107,000 square feet of retail space on Flagler Street in Downtown Miami in a deal totaling more than $21 million.
Shai Ben-Ami of Sterling Equity Realty Commercial represented Mana’s company, 141 East Flagler LLC, purchased 777 International Mall, located at 141 East Flagler Street.
The seller, 777 International Mall Inc., was represented by Mika Mattingly, also of Sterling Equity Realty Commercial.
The 1947-built building, which was originally constructed as the Miami Theatre, totals 73,000 square feet.
Mana also acquired a 9,000-square-foot building at 130 East Flagler Street, and more than 25,000 square feet at 134 East Flagler Street.
The deals closed on July 31, 2014.
In separate deals which closed earlier this year, Mana acquired an additional 40,985 square feet with the purchase of 118 N. Miami Ave. and 200-222 N Miami Ave. for a total of $8.7 million.
The 118 N. Miami Ave. purchase closed May 19, 2014 and the 200-222 N Miami Ave. deal closed in January.
“Mana has a powerful internal instinct to assemble properties in neighborhoods that have tremendous upside potential and have largely been ignored by others. Mana’s proven track record in transforming entire neighborhoods provides him with the confidence to take chances,” commented Mattingly.
Miami-Dade commissioners recently approved funding for a $13 million improvement plan for Flagler Street, with the City of Miami matching the county’s contribution and downtown property and business owners covering the remaining $1 million.
Ben-Ami and Mattingly are both new members of the Commercial Industrial Association of South Florida (CIASF).
