Moishe Mana, known as the largest landowner in Downtown Miami and the city's Wynwood district, has expanded his investment strategy and is now active in Fort Lauderdale. There, he acquired a 30-storey office building, known as 110 Tower, for $89 million. This is according to available property records.
The property, spanning 777,248 square feet, was built in 1987 and is located at 110 Southeast Sixth Street in downtown Fort Lauderdale, adjacent to the Broward County courthouse. City National Bank of Florida provided an acquisition loan of $66.3 million for the purchase.
Strategic portfolio expansion and previous transactions
This acquisition marks a development for Mana, who is known for acquiring properties every few months. This year alone, the mogul bought an office tower in Downtown Miami for $110 million, as well as a retail building in the Wynwood district, which houses the popular French bistro Pastis, for nearly $25 million.
It is rumoured that Mana could sell a large portion of his Wynwood portfolio to Citadel billionaire Ken Griffin in a substantial deal worth up to $1 billion. Some speculate that the recent acquisition strategy is part of a 1031 exchange in anticipation of the potential Wynwood transaction, although both Mana and Griffin have denied that such a deal is imminent.
Valuation and market conditions
The previous owner of the 110 Tower in Fort Lauderdale, GEM Realty Capital from Chicago, had acquired the 1.72-hectare property in 2016 for $112.9 million. This represents a 21 per cent decrease in value compared to the current sale price. The office market in Broward County has recovered more slowly post-pandemic than the markets in Miami-Dade and Palm Beach Counties, which have attracted wealthy, new technology and finance companies.
Neither Mana nor representatives from GEM Realty Capital immediately responded to requests for comment on the transaction.
