Moishe Mana acquired the former MacArthur Dairy site in Miami for $8.5 million, Avison Young announced on Thursday.
Mana’s Jersey Art Holdings acquired the 5.32-acre development site just west of Wynwood, at 2451 Northwest Seventh Avenue. The site is zoned T6-8-0, which allows for 150 units per acre, according to a press release.
Avison Young’s John K. Crotty, Jay Ziv, and Michael T. Fay represented the seller Paradise Dairy Acquisitions, LLC. Paradise, which is affiliated with Pinnacle Housing Group, paid just more than $4 million for the property in January 2006, according to Miami-Dade property records.
“Mixed-use and residential land continues to be pursued by developers and investors who recognize the lack of larger tracts of land 5 acres or greater available for development near core areas in Miami,” Crotty said in the release. “The seller is a well-respected multifamily developer who determined the subject property was no longer consistent with its long range plans and decided to widely market the property. At the end of the marketing process, the seller selected Moishe Mana due to his track record of closings in downtown Miami and Wynwood.”
The property had “environmental issues that had to be overcome in order to attract a buyer with the economic and development structure to ensure success,” according to the press release.
Moishe Mana is active in downtown Miami and Wynwood. Mana has amassed properties on and around Flagler Street, as well as more than 30 acres in Wynwood. Most recently, he spent $32 million on the buildings at 26 Southeast First Street and 155 South Miami Avenue, and last Friday boosted a mortgage to $75 million, tied to recent acquisitions.
Last month, Miami-Dade’s Economic Development Committee backed a land swap-construction deal between the county and Mana. The deal gives his Mapton Holdings, a subsidiary of Mana Wynwood, 1.4 more acres. In exchange, Mana Wynwood will give the county 15,715 square feet of land valued at $3 million. Mana Wynwood will also build a $7.37 million, three-story, 45,912-square-foot county facility with 29 indoor parking spaces.
Mana has yet to reveal his redevelopment plans for the area. — Katherine Kallergis