Downtown Miami Landlord Moishe Mana Expands North With Fort Lauderdale, Fla., Tower

Moishe Mana, one of downtown Miami’s largest property owners, has made his first acquisition in Fort Lauderdale, Fla. According to Bisnow, Mana paid $89 million for 110 Tower, a 30-story office building at 110 SE Sixth St. The seller, Gem Realty Capital, initially bought the property for $112.9 million in 2016.

Mana took out two loans from City National Bank of Florida totaling $66 million to fund the purchase, which covers close to three-quarters of the price. The deal is also his first in Broward County. Until now, Mana’s South Florida portfolio has been concentrated in downtown Miami, where he holds more than 80 buildings.

Built in 1987 and renovated in 2015, the tower spans 394,000 square feet. A Colliers listing shows that up to 9,280 square feet is available for lease (a small share of the building’s total footprint).

Mana’s deal was one of several sizable South Florida transactions that closed around the same timeframe. In Boca Raton, Fla., Thor Equities acquired Two Town Center — an 11-story, 153,000-square-foot office building — for $62 million. Then, Fort Partners picked up the 134-key Tideline Palm Beach Ocean Resort and Spa in a transaction valued at $112.6 million.

Office sales are not the only ones picking up. In Pompano Beach, Fla., Stewards Inc. paid $90 million for membership interests in Envy Pompano Beach, a 214-unit apartment community.

Together, these deals point to a regional market where capital is still flowing, although results differ widely depending on the asset and the borrower. Mana’s purchase lands on the stronger side, backed by conventional bank financing and an entry price below the last sale.