Israeli entrepreneur Moishe Mana, who got his start 30 years ago with one moving truck which he turned into Moishe’s Moving Systems, is now moving into the world of Miami real estate. He just picked up three properties there for a total of $21 million.
The first, at 124 East Flagler Street, is a three story building with a total of 9, 000 square feet that was purchased for $2.3 million. Built in 1930, the building comes with 3, 000 square feet of retail frontage, currently home to a souvenir shop, and 6, 000 square feet of office space over its second and third floors. It is near the Dupont Building and Olympia Theatre at the Gusman Cultural Center.
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Located at the heart of Downtown Miami’s historic East Flagler Street district, the property was acquired through Mana’s new company, East Flagler realty, which was represented by Mika Mattingly and Shai Ben-Ami of Sterling Equity Realty Commercial.
Mattingly told GlobeSt.com that, “Mana has strategically positioned himself in key locations in downtown’s urban core. Mana’s vision, combined with other developments, will ignite Downtown Miami for the first time in 30 years.”
The nearby 141 E. Flagler Street with a total of 72, 759 square feet of space was acquired for $14.25 million. The commercial building is called The 777 International Mall and includes a Payless ShoeSource. The building was originally constructed in 1947 as the Miami Theater.
That property previously went for $3 million in 1998.
Finally Mana bought 130 E. Flagler Street for $4.5 million. That building holds 25, 000 square feet of space and last sold for $1.55 million in 1997.
In other Moishe Mana news, the developer has hired the Miami design firm Zysocvich Architects to come up with the new plans for his more than 30 acres of properties in the Miami neighborhood of Wynwood. Located in the southwest area of 24th Street and 2nd Avenue, on the edge of I-95, the new development will be called Mana Wynwood.
Bernard Zyscovich, CEO of Zyscovich Architects, has said that they will likely design an area of small businesses and not a large mall of residential development there.