Israeli businessman Moishe Mana has purchased another Downtown Miami retail building, adding to his Flagler Street assemblage.
In total, Mana has acquired 200,000 square feet of retail in Miami’s urban core.
Mika Mattingly and Shai Ben-Ami of Sterling Equity Commercial represented Mana’s company, Jersey Art Holdings as well as the Seller, Nine East Flagler, in the purchase of 17 East Flagler Street.
The 1938-built building totaling 21,000 square was the Former W. T. Grant Store and, at one time, was the highest-grossing store in the chain. Now dubbed the ‘Flagler Jewelry Center,’ this historic building is reminiscent of downtown shopping districts from another era, featuring a smaller, classical version of an interior mall, known as an arcade.
The deal closed on Monday, September 15.
“Mana invests all over the world, drawn to value-added properties. Mana envisions Flagler Street returning to its former grandeur. It just takes one person with a vision to ignite the process, and Moishe Mana is that person“ stated 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 members of the Commercial Industrial Association of South Florida (CIASF).