Developer Moishe Mana is focusing on Miami, continuing to invest in commercial property.
Mana paid $6.2 million for a development site at 634 Northwest 22nd Street in Allapattah, where he could build an e-commerce logistics center, The Real Deal has learned.
Mana, downtown Miami’s biggest private landowner and a major investor in nearby Wynwood, purchased the property as he sells off his assets around the world, according to a statement provided by his firm, Mana Common. He is using the funds to invest in Miami, the statement says.
The Allapattah purchase, a roughly 1.4-acre assemblage, has been in the works for nearly two years, including a period in which it fell apart during the pandemic, said listing broker Carlos Fausto Miranda of Fausto Commercial.
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An eight-story building with signage fronting I-95 can be built on the industrial site.
Property records show a company led by Javier Lumbreras, a Spanish financier and arts collector, sold the assemblage. Lumbreras planned an arts storage facility on the site, but decided to sell since he has been focusing his time on the arts, according to Miranda. Lumbreras is CEO of New York-based Artemundi.
Miranda listed the property for $6.5 million.
Mana recently sold a 173,000-square-foot warehouse in the Los Angeles area to CenterPoint Properties for $63 million.
In response to that sale, Mana Common said it is “focused on our development plans in Miami because we believe in that city’s future as the trade hub of the Western Hemisphere,” and will be redeploying funds “for that purpose.”
Mana has started construction on his downtown Miami master plan. The firm recently had tenants evacuate two downtown Miami properties after it commissioned structural engineering reports ahead of the planned renovations of those buildings.
In total, Mana and his companies have spent more $400 million on more than 60 properties downtown spanning over 1.3 million square feet. In July, he added to his portfolio with a $12.4 million parking lot downtown.
In Allapattah, Mana’s holdings include the former McArthur Dairy site at 2451 Northwest Seventh Avenue. The site is zoned T6-8-0, which allows for 150 units per acre.
A number of developers have invested in Allapattah, a working class industrial neighborhood west of Wynwood, including Lissette Calderon, Jorge Pérez and Robert Wennett.