Lightstone pays $20M for Miami Gardens warehouse leased to Moishe Mana

Property last traded for $8.7M in 2017

5801 Northwest 49th Avenue in Miami Gardens and Lightstone CEO David Lichtenstein (Google Maps, Lightstone)
5801 Northwest 49th Avenue in Miami Gardens and Lightstone CEO David Lichtenstein (Google Maps, Lightstone)

Real estate investor Lightstone paid $20 million for a Miami Gardens warehouse leased to one of Moishe Mana’s companies.

Records show Lightstone, based in New York City, bought the property at 15801 Northwest 49th Avenue from Warehomes Precision.

Mana, best known for his Wynwood property and long-planned downtown Miami project, houses his GRM Information Management document storage company at the Miami Gardens site. He first leased space there in 2018.

The seller bought the property for $8.7 million in 2017. Warehomes Precision is managed by Jason and Marcos Morjain. Both are with the Miami-based real estate investment firm Rok, led by Sergio Rok.

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Lightstone, founded and led by Chair and CEO David Lichtenstein, has a $6.5 billion portfolio that includes 3.5 million square feet of office, retail and industrial commercial properties; more than 15,000 residential units; and more than 4,100 hotel keys, according to its website. It also owns more than 10,000 lots in the U.S.

The 115,738-square-foot warehouse was constructed in 1985 on 5 acres, property records show.

South Florida industrial property has been trading briskly, as the market picked up during the pandemic. In another recent nearby deal, Seagis Property Group bought a Medley warehouse with cold storage space for $7.9 million in May.