Moishe Mana Acquires Strategic Downtown Corner at 201 East Flagler

Investor remains bullish on downtown with $12.9M retail condominium purchase

 

Miami, May 18, 2018 – The Colliers International Urban Core Division team of Mika Mattingly and Cecilia Estevez has represented investor Moishe Mana with the latest in a series of strategic acquisitions in Downtown Miami, reinforcing the buyer’s continued commitment to the neighborhood. Through Jersey Art Holdings, LLC, Mana purchased the 14,521 square foot retail condominium at 201 East Flagler Street for $12.9 million. The seller, White Building Acquisition, LLC was represented by Robert Palacios, President of Regency Commercial Properties, Inc. and Marci Osheroff, President of The Osheroff Group, LLC.

Positioned on the corner of Flagler and NE 2nd Street, the White Building at 201 East Flagler Street spans two stories and 29,042 square feet, split between retail condominium on the ground floor and office condominium on the second floor. The second floor office condominium will remain occupied by White Family Law Firm.

"With so much exciting development planned for Downtown, the inventory is starting to dwindle and prices are starting to reflect that," noted Colliers’ Executive Vice President Mika Mattingly. "Moishe Mana’s deliberate and proactive acquisition of this high-visibility retail piece reinforces his commitment to the future of Downtown Miami and its ongoing transformation. 2.8 billion dollars has transacted in downtown Miami’s urban core. This staggering number should be indicative of the appetite for downtown assets. On Flagler Street, prices have increased 126% since 2014"

The New Jersey and Miami-based developer Mana has strategically partnered with Colliers’ broker Mika Mattingly in recent years to amass a portfolio of properties in the urban core of Downtown Miami. As one of the change-makers leading the renaissance on and around Flagler Street, the deal is another piece of the puzzle to Mana’s proposal to remake Flagler Street into a curbless, pedestrian-friendly Downtown thoroughfare. The proposal includes plans to redevelop his portfolio into retail, office and residential projects that will better serve the shifting dynamic of the urban core, which is quickly becoming a vibrant, round-the-clock community.

Like many of the historic properties in Downtown Miami, the White Building presented some challenging hurdles during the sale process. It was encumbered with a land lease, five subleases an encroachment and air rights complexities that the seller’s agent navigated prior to sale.

The site was home to the numerous theatres over the years, starting in 1915, as The Hippodrome. It operated as The Hipdrome until 1930, when it reopened as the Rex Theatre a year later. The Rex was closed in 1947 and a new building was erected in its place during 1948, coined The Florida Theatre and assuming the address of 205 E. Flager Street.

In 1896 Dr. Jackson, Miami’s first physician, built his residential house on site, where he and his family would live in for almost 20 years. Later the Hippodrome Theater, second theatre of that name in downtown Miami pened around 1916 and operated under the Hippodrome name until 1930. It reopened as the Rex Theatre in 1931. The Rex closed in 1947, a new building was built and it became the Florida Theatre in 1948.

 

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Paola Iuspa-Abbott on behalf of Colliers International South Florida
Top of Mind PR
Phone: 305-726-5848
Email: Paola@topofmind-pr.com