Real estate firm CREC sold a $5 million real estate assemblage in Miami’s Allapattah neighborhood to Moishe Mana, the prolific Wynwood developer.
Mana is growing his portfolio in Allapattah, a neighborhood from Interstate 95 west to Northwest 27th Avenue and from the Miami River and the Dolphin Expressway north to Northwest 36th Street. He already owns property next to his latest purchase.
The neighborhood is seen as the next gentrification frontier in Miami as big-name developers and gallerists eye the area and shift west of internationally known Wynwood across I-95 from Allapattah.
Josa Holdings Inc., R&R Real Investments Inc. and Seventh Ave Holdings Inc., all affiliates of Jorge Salazar, sold the 1.46-acre assemblage on the northeast corner of Northwest Seventh Avenue and 23rd Street to Mana.
Coral Gables-based CREC broker Mark Brooks represented the seller and closed the deal Aug. 22.
Warren Weiser, CREC chairman and co-founder, said CREC received more than 10 offers in the two months the property was marketed.
This speaks to the growing interest and likely impending transformation of the neighborhood.
Mana “contracted for the land relatively quickly. He was very aggressive in purchasing the property,” Weiser said. ”It also made sense given that he owns the property next door. He was the logical buyer.”
Mana bought 675 and 685 NW 23rd St.; 2301, 2315, 2319, 2335 and 2348 NW Seventh Ave.; and 664 and 680 NW 24th St.
Two of the lots are vacant, and the others have about 16,000 square feet of buildings on them, mainly with industrial zoning. One has an automotive and marine use designation.
Mana’s other holdings in the area, which he owns through affiliates, are the rest of the block on the northeast corner of Northwest Seventh Avenue and 23rd Street and a nearly 4-acre lot to the north at 2451 NW Seventh Ave., according to the Miami-Dade County property appraiser’s office.
Aside from Mana, 1111 Lincoln Road garage developer Robert Wennett has invested in Allapattah, buying a produce market for $16 million.
Ari Dispenza of Central Commercial Real Estate represented Mana in this transaction.
Mana is known as the developer of Mana Wynwood at 318 NW 23rd St., the Mana Wynwood convention center and space rented for TV productions. He also has a collection of downtown Miami property on Flagler Street.