French investors enter downtown Miami with $9M purchase

43,000 sf building last sold for $1.3 million in 2003

Nov.November 19, 2015 12:45 PM

A joint venture between Immocorp Capital and the Wynwood Fund on Thursday will close on the Dade-Commonwealth Building in downtown Miami for $9.2 million, or $212 per square foot. 

Gilbert Benhamou, of Immocorp Capital, and Matthieu Merchadou Melki, of Wynwood Fund, purchased the seven-story historic office building, formerly known as the Meyer-Kiser Bank building, Benhamou told The Real Deal.

Titan Development Partners LLC sold the 43,265-square-foot tower at 139 Northeast First Street. It sits on a 7,500-square-foot lot between Northeast First and Second avenues. It last sold for $1.3 million in 2003, according to Miami-Dade County records.

Mika Mattingly of Sterling Commercial, and Janet Crucet and Kristine Flook of Urbanize Properties represented the buyer. Ana Ventura of RE2000 Group Inc. represented the seller.

The Wynwood Fund, a real estate investment firm with offices in Miami and Paris, plans to redevelop the property, Mattingly said. She said the historic bank building, constructed in 1925, still features a 32-ton magisterial steel vault, rumored to have held one of Al Capone’s safes. The property was damaged in the 1926 Miami hurricane, the costliest storm in U.S. history.

Dade-Commonwealth is located in the Flagler Street area of downtown, where investors like Moishe Mana have been spending millions buying up properties. Mana has spent nearly $200 million in what he calls the Flagler District, with plans for retail, office and residential. Other investors, such as Danny Lavy and Daniel Pena, have also joined in.

Immocorp Capital has offices in Miami, Paris and Madrid, according to its website.

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