Massa Investment buys Paris Theater in Miami Beach for $13M

The property sold for $508 psf

TRD MIAMI /
Jul.July 21, 2020 02:35 PM
Paris Theater, Mathieu Massa (Credit: Google Maps)

Paris Theater, Mathieu Massa (Credit: Google Maps)

UPDATED,  July 21, 5:20 p.m.: Massa Investment Group bought the Paris Theater on Miami Beach’s Washington Avenue for $13 million.

Miami-based Massa Investment Group, led by Mathieu Massa, bought the 25,589-square-foot building at 550 Washington Avenue for $508 per square foot, records show. Big Time Productions, led by Eugene Rodriguez, sold the property.

The building sold at a sharp discount from its $23 million listing price in 2015. The Art Deco-style building was built in 1945. Under different owners, the property had been used as an adult movie house, a nightclub, and a photography and film studio, according to the Miami Herald.

It had a capacity to hold 1,200 patrons, and could be used for any type of event, including theatrical productions, launch parties and dances. A liquor store, Surf Liquors, sits next to the Paris Theater.

Massa Investment Group secured a $15.2 million loan from IberiaBank to acquire the property, records show.

Big Time Productions paid $975,000 for the building in 1992, records show.

Massa Investment Group specializes in private equity, real estate construction and hospitality, according to its website.

Massa’s plans for the site are unclear, and he was unavailable for comment.

Massa also owns Mr. Hospitality, which runs Baoli Miami, Marion in Brickell and El Tucan. He’s an heir to a family that founded a large tire company in Europe which eventually sold to Continental Tire of Germany in 2011, according to Massa Investment’s website.


Related Articles

arrow_forward_ios
From left: 1900 Collins Avenue (Top), 229 19th Street, 1925 Liberty Avenue and 227 19th Street (Credit: Google Maps)

Contractor alleges unpaid work at Lennox Miami Beach hotel, amid legal battle between father-in-law and son-in-law

Contractor alleges unpaid work at Lennox Miami Beach hotel, amid legal battle between father-in-law and son-in-law
Mirce Curkoski, Julian Johnston, and Olesia Aliseenko, with the home (Credit: Mark Sagliocco/Getty Images, and Google Maps)

Former Miss Ukraine pays $20M for waterfront Palm Island mansion

Former Miss Ukraine pays $20M for waterfront Palm Island mansion
Rendering of the project and Rishi Kapoor

Developer Rishi Kapoor lands approval for mixed-use co-living project in South Beach

Developer Rishi Kapoor lands approval for mixed-use co-living project in South Beach
Michael Shvo and a rendering of the tower (City of Miami)

Miami Beach board again delays vote on Michael Shvo’s proposed tower near Raleigh Hotel

Miami Beach board again delays vote on Michael Shvo’s proposed tower near Raleigh Hotel
Jill Hertzberg, Dora Puig, Oren Alexander with Star Island properties

Miami Beach’s Star Island regains its luster

Miami Beach’s Star Island regains its luster
5212 North Bay Road in Miami Beach and Marcelo Claure (Getty)

SoftBank’s Marcelo Claure pays $11M for North Bay Road teardown

SoftBank’s Marcelo Claure pays $11M for North Bay Road teardown
34 Star Island Drive with Albert Justo, Stacy Robins and Mirce Curkoski (Redfin)

Former Star Island residents return, buy $12M waterfront home

Former Star Island residents return, buy $12M waterfront home
1510 West 25th Street, Valerio Morabito (inset) and Gianluca Vacchi (Getty, Douglas Elliman)

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion
arrow_forward_ios

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

Loading...