The Real Deal Miami

Moishe Mana’s not done yet, picks up downtown Miami building for $13M

Mana has now spent nearly $285M in downtown Miami
By Amanda Rabines | May 18, 2018 04:30PM

201 East Flagler Street and Moishe Mana and Mika Mattingly (Credit: Marsha Halper and Colliers International South Florida)

Moishe Mana’s portfolio of properties in downtown Miami keeps growing.

The investor and developer just paid $12.9 million for a two-story retail and office building at 201 East Flagler Street. The deal brings his total spent in downtown Miami to nearly $285 million.

Mika Mattingly and Cecilia Estevez of Colliers International South Florida represented Mana in the deal. The seller, White Building Acquisition, LLC was represented by Robert Palacios of Regency Commercial Properties and Marci Osheroff of The Osheroff Group. Records show the selling entity is led by Marc Osheroff.

The 29,000-square-foot building sits on a 14,520-square-foot lot on the corner of Flagler Street and Northeast Second Street. The deal breaks down to about $445 per square foot for the building and $890 per square foot for the land.

Mattingly said the property is located on the southwest corner of a 2.5-acre development site, anchored by Marshalls, that Dwntwn Realty Advisors recently listed for $125 million.

The second floor of the office condominium is currently leased to the White Family Law Firm. Mattingly said there’s about 3,600 square feet of retail space available to lease on the ground floor, with rents starting at $85 per square foot and up.

The property was once owned by the late physician James M. Jackson, the founder of Miami City Hospital, now called Jackson Memorial Hospital, Mattingly said. The site was also home to the numerous theaters, including the Hippodrome and the Florida Theatre.

Mana began investing in downtown Miami about four years ago. In March he paid about $5 million for office units at 100 East Flagler Street, totaling more than 25,600 square feet of space at the 10-story Wells Fargo building.

His plans for the more than 1 million square feet of building space and 8 acres of land in downtown include converting the properties into retail, office and residential. Zyscovich Architects is designing the project.