The Real Deal Miami

Moishe Mana adds to his downtown Miami Monopoly board

110 East Flagler sold for $4.5M

June 22, 2015 01:30PM
By Katherine Kallergis

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110 East Flagler Street and Moishe Mana

110 East Flagler Street and Moishe Mana

Moishe Mana is adding another downtown Miami property to his assemblage, The Real Deal has learned.

Mana spent $4.5 million, or $750 per square foot, for the 6,194-square-foot building at 110 East Flagler Street. The Israeli businessman owns a bundle of properties on the block directly north: in January, he spent $35 million on 48 to 76 East Flagler Street.

110 E. Flagler St. Inc., a company managed by Abe Franco, sold the 6,000-square-foot site on June 16. Tenants include 7-Eleven and Optimy Stik Eyewear. The two-story building was constructed in 1967, according to Miami-Dade property records.

Shai Ben-Ami and Mika Mattingly of Sterling Equity Commercial represented Mana. Boris Kozolchyk of Pointe Group Advisors represented the seller.

“Moishe Mana’s vision is taking shape and his instinctive strategy and master plan will be revealed in the very near future. We are truly honored to be a part of Moishe’s team and to be engaged in his vision,” Ben-Ami said in a statement.

On the same block, Mana owns the buildings at 130 and 134 East Flagler Street, which he acquired in July for $2.5 million.

In March, Mana paid $7.8 million, or $262 per square foot, for a 29,748-square-foot retail building at 32 Southeast First Street, less than a block from the residential development Centro and the soon-to-open Langford Hotel. Earlier this year, he purchased the Thomas Center, at 172 West Flagler Street and 21 Southwest Second Avenue, for $5.1 million. The two-story property totals 26,083 square feet, and represents a strategic addition to his growing downtown Miami portfolio, because it connects Flagler to the burgeoning Miami River area.

The most recent purchase brings Mana’s downtown Miami assemblage total to more than 530,000 square feet of retail properties, and about 5 acres of land. He has yet to release his redevelopment plans for his properties.