Moishe Mana\u2019s shopping spree continues. The Miami-based real estate investor paid $110 million for an office tower in Downtown Miami, nabbing a nearly 14 percent discount from the property\u2019s last trade eight years ago.\u00a0<\/p>\n
The 31-story high-rise \u2014 formerly known as SunTrust International Center and now called One Downtown \u2014 faces East Flagler Street, a block west of Bayfront Park, at 1 Southeast Third Avenue.\u00a0<\/p>\n
SEE ALSO: Nonprofit Bowery Residents Committee Buys LIC Homeless Shelter Site for $22M<\/a><\/p>\n Constructed in 1969, the 770,195-square-foot building includes 450,000 square feet of office space and a 750-spot parking garage, as well as ground-floor retail space leased in part to Walgreens and Bank of America. The tower is 75 percent occupied, according to a representative for Mana.<\/p>\n CBRE<\/a>\u2019s Christian Lee, Sean Kelly, Tom Rappa and Matthew Lee brokered the sale. Pacific Coast Capital Partners<\/a> (PCCP<\/a>) had purchased the asset for $127 million in 2018, according to property records. The California-based seller performed a multimillion-dollar renovation, per Mana, who declined to provide the exact figure.\u00a0<\/p>\n \u201cWe believe in the Flagler District, and we will continue to increase our investment in South Florida,\u201d Mana said in a statement.\u00a0<\/p>\n Since 2009, Mana has been buying properties in Wynwood and Downtown Miami. Today he owns 80 downtown buildings, making him one of the city\u2019s biggest landowners. His long-term vision is to turn the area around Flagler Street into a walkable, mixed-use business district.\u00a0<\/p>\n Mana is almost done renovating a 13-story building, now called the Nikola Tesla Innovation Hub, which dates to 1980, yet many of Mana\u2019s properties have yet to receive the same treatment. The district remains home to a number of dilapidated buildings and a noticeable homeless population \u2014 unlike Brickell, the neighboring district, which has seen a rush of luxury developments since the pandemic.<\/p>\n A representative for PCCP did not immediately respond to a request for comment.<\/p>\n