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

The property sold for $508 psf

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.

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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.