Israeli businessman Moishe Mana has turned his vision south of Downtown Miami’s Flagler Street in his latest purchase.
Mana’s most recent acquisition is located at 32 SE 1st Street, less than a block from residential development Centro and soon-to-open historical boutique hotel The Langford Hotel.
The property, which comprises a 1920-built retail building totaling 29,748 square feet on a 19,775-square-foot parcel, sold for $7,800,000, or $262 per square foot for the building and $394 per square foot for the land. The T6-80 zoning allows for development of over 450,000 square feet and 448 units.
Shai Ben-Ami of Sterling Equity Commercial represented Mana’s company, 32-60 SE Holdings LLC, in the purchase. Mika Mattingly also of Sterling Equity Commercial, represented the seller, DPQ Associates LTD. The deal closed February 26.
Mana recently purchased the Thomas Center, at 172 West Flagler Street and 21 SW 2nd Avenue, for $5,100,000. The two-story property totals 26,083 square feet, and represents a strategic addition to his Downtown Miami portfolio. The purchase is a pivotal acquisition, connecting Flagler to the burgeoning Miami River.
“From a distance it may seem like Monopoly game moves, but rather than rolling the dice, Mana has engaged his instincts to assemble a critical mass in the downtown urban core, which will soon reveal a compelling pattern and story,” commented Mattingly.
The 32 SE 1st Street purchase brings Mana’s Miami Urban Core acquisition total to 530,000 square feet of retail properties, and close to 5 acres of land.
