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Moishe Mana Acquires One Downtown Office Tower In Miami For $110 Million
SOLD
$110,000,000
+ 2
Florida
See Similar DealsOffice450,000 SF
Sold
SOLD
Moishe Mana Acquires One Downtown Office Tower In Miami For $110 Million
1 Southeast 3rd Avenue
See Similar DealsOffice450,000 SF
Sold
+ 2
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$244
Total Square Footage:450000 SF
Transaction Type:Sale
Moishe Mana acquired the 31-story, 450,000-square-foot Class A office tower One Downtown located at 1 Southeast 3rd Avenue in Miami for $110 million. The asset is a renovated former SunTrust International Center, and it is positioned as a modern office hub near the Central Business District.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $110,000,000
- Square Footage: 450,000
- Address: 1 Southeast 3rd Avenue
- Market: Miami
- Price per Square Foot: $244
- Buyer: Moishe Mana - Mana Common
- Brokers: Christian Lee, Sean Kelly, Tom Rappa & Matthew Lee - CBRE
The renovated building will be leased by TCRE and is part of Mana’s broader redevelopment and public realm investment strategy in the Flagler District, expanding his holdings in the area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,866,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$390,806.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$521,456.12
Annual Debt Service$6,257,473.43
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