The Real Deal Miami

Moishe Mana puts North Miami Beach mixed-use property on the market

Regions Bank is the main tenant of the 12-story office building
By Ina Cordle | October 10, 2017 04:30PM

699 Northeast 167th Street and Moishe Mana

Developer Moishe Mana just put an office building and adjoining retail property and garage in North Miami Beach on the market.

TIR Prime Properties’ Mariano Saal and Sheila Dreher are listing the site at 699 Northeast 167th Street, which includes a 12-story office building. The 136,468-square-foot property is 54.5 percent occupied, with its main tenant Regions Bank, Dreher said. The site is unpriced, but “we are thinking along the lines of $20 million,” she said.

In addition to the office building, the 2.9-acre property also includes a one-story retail shopping strip center, a two-level parking garage, and a free-standing one-story retail building with vacant land.

The site is zoned B-2 and can be redeveloped with up to 150 feet or 15 stories of commercial space, to include such uses as hotel, office, residential, self-storage and retail, Dreher said.

Records show Mana  paid $9.5 million for the property in February 2016, purchasing it through Migal 688 LLC in care of M Management in Jersey City, New Jersey.

“He had a really good opportunity to buy it a year ago. It had negative cash flow and he was able to turn it around,” Dreher said, by increasing occupancy and improving management. “There’s still a tremendous upside, so he’s looking to sell it.”

The North Miami Beach property is far afield from Mana’s areas of concentration in Miami-Dade County: Miami’s Wynwood neighborhood and the Flagler Street area of downtown Miami. In the Flagler Street area he has assembled at least 42 properties since 2010, totaling 9.2 acres, and has said he will eventually redevelop the portfolio into retail, office and residential projects.

Mana is also planning to develop Mana Wynwood, a mixed-use project which would span 23 acres and up to 9.72 million square feet, to include 51,146 square feet of civic space, 3,487 residential units, 8,483 parking spaces, and a 2.5-acre privately owned park dubbed “Mana Commons.”