The largest landowner in Downtown Miami just added another major property to his portfolio.
Moishe Mana purchased the 31-story One Downtown tower in Downtown Miami for $110M, he announced Wednesday. He acquired the 450K SF building at One SE Third Ave., formerly the SunTrust International Center, from affiliates of Los Angeles-based PCCP and Boca Raton-based CP Group.
A CBRE team of Christian Lee, Sean Kelly, Tom Rappa and Matthew Lee represented the sellers. The CBRE brokers and PCCP didn’t immediately respond to requests for comment.
Mana said he owns roughly 80 buildings in Downtown Miami, mostly along Flagler Street, which he is turning into the Flagler District — a tech and commercial hub for connecting entrepreneurs from Latin America to Miami.
“We believe in the Flagler District, and we will continue to increase our investment in South Florida,”
Mana said in a statement.
“We started our investment in Miami in 2009, and since then, we have become one of the largest landowners in Miami.”
The tower was built in 1973 and renovated in 2016, according to a listing by the building’s leasing team, Tower Commercial Real Estate. PCCP and CP Group paid $127M for the building in 2018, according to Miami deed records.
One Downtown has a 750-spot parking garage, ground-floor retail with tenants including Walgreens and Bank of America, a rooftop terrace and a dry cleaners.
The building is 75% leased, TCRE Senior Vice President Christina Glaria said in an email.
The building landed the headquarters of …Read Full Article at: https://www.bisnow.com/south-florida/news/office/moishe-mana-buys-miami-office-tower-for-110m-133501
