Moishe Mana pays $16M for commercial assemblage in Allapattah
Developer acquired 10 properties just west of I-95 and Wynwood
Moishe Mana fattened up his Allapattah portfolio with a $16 million acquisition of properties.
An entity controlled by Mana, one of the largest landowners in Allapattah, Wynwood and downtown Miami, acquired 10 properties along Northwest Seventh Avenue between 28th and 29th streets, according to property records.
The parcels include Las Rosas bar and lounge at 2898 Northwest Seventh Avenue, four retail buildings at 2800, 2820, 2840 and 2850 Northwest Seventh Avenue and a former grocery market at 728 Northwest 29th Street. The four other properties are a single-family house at 731 Northwest 28th Street, a single-story warehouse at 753 Northwest Seventh Avenue and parking lots at 719 Northwest 28th Street and 2810 Northwest 7th Avenue.
The seller, two entities managed by Ari Dispenza, James Quinlan, and Douglas H. Levine, paid about $4.1 million for the properties between 2014 and 2016, records show. The buildings were constructed between 1925 and 1974.
A spokesperson for Mana said the developer didn’t have a comment at this time regarding his plans for the assemblage.
Mana and other developers like Lissette Calderon, Integra Investments, Robert Wennett and the Pointe Companies are tapping Allapattah as Miami’s next emerging neighborhood. Between September and October, Mana dropped $11.2 million to acquire three industrial properties in Allapattah that he views as “long-term speculation” deals with a 10- to 15-year timeline.
Calderon, who recently launched a lifestyle magazine focused on Allapattah, has completed one multifamily project, the 192-unit No. 17 Residences Allapattah, and has two more apartment buildings in the works in the neighborhood.
Integra partnered with Elderly Housing Development & Operations Corp. to build a $58 million, 271-unit affordable senior housing project, and Pointe has approved plans to build a mixed-use project with 116 residential units, 7,700 square feet of retail space and 3,220 square feet of office space. Wennett is planning a 1.4 million-square-foot mixed-use development with co-living units, office and retail on a large assemblage that is currently home to produce warehouses in Allapattah.
Mana has been selling off real estate assets in other markets to focus on Miami. In December, he paid a combined $34.3 million for historic commercial buildings in downtown Miami, where Mana is the largest landowner. In 2016, city of Miami officials approved a special area plan for nine contiguous acres Mana owns in Wynwood that is to be redeveloped into a 10-million-square-foot arts, technology and trade hub.