MIAMI—Moishe Mana, who has been a very active investor in Miami the last few years, has acquired the White Building on East Flagler Street here for $12.9 million.
Mana, through Jersey Art Holdings, LLC, purchased the 14,521-square-foot retail condominium at 201 East Flagler St. from White Building Acquisition, LLC. The Colliers International Urban Core Division team of Mika Mattingly and Cecilia Estevez represented Mana, a New Jersey and Miami-based investor, in the transaction. Robert Palacios, president of Regency Commercial Properties, Inc. and Marci Osheroff, president of The Osheroff Group, LLC represented the seller in the deal.
The two-story White Building totals 29,042 square feet, split between retail condominium space on the ground floor and an office condominium on the second floor. The second floor office condominium will remain occupied by the 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,” says Colliers' EVP 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 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.” Published reports put Mana's recent investments in Downtown Miami at well in excess of $300 million.
Colliers notes that like many of the historic properties in Downtown Miami, the White Building presented some challenging hurdles during the sale process, including a land lease, five subleases, an encroachment and air rights complexities that were successfully navigated prior to sale.
Mana, who owns a number of properties on Flagler Street is looking to remake the area into a curbless, pedestrian-friendly Downtown thoroughfare. He 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, Colliers notes.
The White Building has deep roots in Downtown Miami history. In 1896 Dr. Jackson, Miami's first physician, built his residential house on site, where he and his family would live for almost 20 years. The site was home to the numerous theaters over the years, starting in 1915, as The Hippodrome. It operated as The Hippodrome 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.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
