French investors enter downtown Miami with $9M purchase

Miami /
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.


Related Articles

arrow_forward_ios
Prologis CEO Hamid Moghadam (Prologis, CBRE, iStock)
Lease roundup: Restaurant, speakeasy, bakery ink leases at new Brickell hotel
Lease roundup: Restaurant, speakeasy, bakery ink leases at new Brickell hotel
Jusuf Nurkić and a rendering of E11even (Getty, Seth Browarnik/Worldredeye.com)
“Bosnian Beast” Jusuf Nurkić enters Miami Heat turf with penthouse purchase
“Bosnian Beast” Jusuf Nurkić enters Miami Heat turf with penthouse purchase
RFR Holding's Aby Rosen (Getty), East End Capital's Jonathon Yormak (East End Capital) and 100 Biscayne Boulevard (iStock)
Aby Rosen’s RFR buys 100 Biscayne office tower in downtown Miami for about $90M: sources
Aby Rosen’s RFR buys 100 Biscayne office tower in downtown Miami for about $90M: sources
Randy Smith (Alden Capital) and Anthony Hsieh (LoanDepot) (Zillow, ONE THOUSAND MUSEUM, Wikipedia, LoanDepot)
LoanDepot founder drops $50M on Star Island mansion, One Thousand Museum condo
LoanDepot founder drops $50M on Star Island mansion, One Thousand Museum condo
A rendering of The Crosby, Related's Nick Pérez and Merrimac's Nitin Motwani
Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter
Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter
Moishe Mana with the Shoreland Arcade at 120 Northeast First Street (Getty)
Moishe Mana buys historic downtown Miami buildings for $34M
Moishe Mana buys historic downtown Miami buildings for $34M
Logan and Jake Paul (Photo by Seth Browarnik/Worldredeye.com)
Jake and Logan Paul to buy Miami penthouses asking $21M each
Jake and Logan Paul to buy Miami penthouses asking $21M each
Moishe Mana, already downtown Miami’s biggest landlord, pays $25M for three more buildings
Moishe Mana, already downtown Miami’s biggest landlord, pays $25M for three more buildings
Moishe Mana, already downtown Miami’s biggest landlord, pays $25M for three more buildings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...