A company controlled by Moishe Mana picked up 107,000 square feet of retail space on downtown Miami’s Flagler Street in three transactions totaling more than $21 million, The Real Deal has learned.
Mana’s 141 East Flagler LLC acquired a trio of retail properties, including the 73,000-square-foot 777 International Mall, in deals recorded on Monday, according to Miami-Dade County records. The seller is 777 International Mall Inc., which is managed by Marlon Avneri. The Miami-based company gave 141 East Flagler a $14 million mortgage as part of the transaction.
The 777 International building at 141 East Flagler Street is anchored by Payless ShoeSource. It was originally constructed in 1947 as the Miami Theatre. Mana’s acquisition also included a 9,000-square-foot building at 130 East Flagler Street and more than 25,000 square feet at 134 East Flagler Street.
Downtown Miami’s main block, Flagler Street is poised for a major revamp after Miami-Dade commissioners approved funding nearly half of a $13 million improvement plan last month. The City of Miami is matching the county’s contribution, with downtown property and business owners covering the remaining $1 million.
Mana is also active in Miami’s Wynwood neighborhood, where he is planning a large arts-oriented project on 25 acres. The Israeli entrepreneur is in the midst of heated litigation with former business partner Tony Cho, the founder and president of Metro 1. The two are suing each other over a Wynwood property sale.