Colliers’ Urban Core Division negotiates strategic acquisition
Fort Lauderdale, FL, August 7, 2018 – New Jersey developer Moishe Mana has acquired another piece of downtown Miami real estate to add to his growing assemblage, reinforcing his continued commitment to the neighborhood. Through Jersey Art Holdings, LLC, Mana bought a 10,949-square-foot two-story building at 100 S. Miami Ave. for $3.5 million. The property, which sits on an 8,000-square-foot parcel, sold for $437.5 per square foot of land.
Colliers International South Florida broker Mika Mattingly, who leads the firm's Urban Core division, represented Mana and the sellers, Donald J. Robinson, Zada Lee Robinson and Hume M. Robinson.
"This property is strategically located in the middle of Mana's assemblage in downtown Miami and a 10-minute walk to the iconic Brickell City Centre," said Mattingly. "The transaction highlights the growing demand for assets in downtown Miami. I am not aware of any other neighborhood in Miami that had scored so many large transactions in less than three months. Just our division alone closed LaEpoca, Metro Mall and the White Building within 12 weeks. With inventory starting to dwindle in downtown Miami, we can expect prices to continue rising."
The New Jersey and Miami-based developer Mana has strategically worked with Mattingly in recent years to amass a portfolio of more than 40 properties in the urban core of Downtown Miami. That number includes two properties currently under contract for a total of $40 million.
Mana's buying spree since 2014 has ignited a renaissance on and around the historic Flagler Street. The new acquisition is another piece of the puzzle to Mana’s proposal to remake Flagler Street into a curbless, pedestrian-friendly Downtown thoroughfare. Mana plans to redevelop his portfolio into retail, office and residential projects that will better serve the shifting dynamic of the urban core -- quickly becoming a vibrant, round-the-clock community.
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For further information, please contact:
Paola Iuspa-Abbott on behalf of Colliers International South Florida
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