MIAMI—In case you hadn't heard, historic Flagler Street is seeing triple-digit appreciation. Some say it all started Israeli investor Moishe Mana and his buying spree last year.
Mana has been assembling commercial real estate properties along Flagler Street and has acquired a critical mass strategically located for future redevelopment. Of course, that's not the only reason. Downtown Miami is generally hot but Flagler Street is suddenly en vogue with investors.
Marcus & Millichap's senior vice president of Investments Alex Zylberglait, who recently brokered the sale of 219 East Flagler Street, which just sold for $9 million, up from $2.6 million in 2009. The appreciation rate there was about 250%.
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