Moishe Mana drops $9.5M on North Miami Beach office, retail
Deal breaks down to about $70 per square foot
February 12, 2016 09:45AMBy Katherine Kallergis
North Miami Beach property and Moishe Mana
Switching gears from Wywood, Moishe Mana has purchased a commercial property along Northeast 167th Street in North Miami Beach.
Miami-Dade County records show a Mana affiliate paid $9.5 million for the Regions Bank office tower and adjacent retail at 699 Northeast 167th Street and 699 North Miami Beach Boulevard. Jaw of Divine Square, an LLC managed by Glenn M. Chwatt.
The nearly 3-acre property was developed in 1965. It last sold out of foreclosure for $222,000 in 2009, according to property records. It totals 136,468 interior square feet, which means the sale price breaks down to about $70 per square foot. Included in Mana’s purchase is a retail building with tenants that range from a jewelry store and dance studio to an insurance company and beauty salon.
Financing was not recorded as part of the deal.
Properties along 167th have been selling at premiums as of late. Last summer, an office building at 851 Northwest 167th Street sold for three times its last sale – $5.6 million. Before that, an apartment portfolio along the corridor sold for $28 million.
The city of North Miami Beach, long known for its mid-rise apartment buildings and traditional shopping centers, is undergoing a transformation. According to the preconstruction condo website CraneSpotters.com, there are nearly 8,000 new condo and rental units in the planning and presale phases of development on and around a stretch of Biscayne Boulevard between Northeast 151st Street and Northeast 176th Street, as of December.
Mana has been a major player in Wynwood and downtown Miami.
Source: The Real Deal