30-Story Fort Lauderdale Office Tower Trades for $89M
Prominent Miami-area investor Moishe Mana purchased the 110 Tower office building downtown for $89 million. GEM Realty Capital, was the seller of the 394,057 square foot office property at 110 S.E. 6th St.
The S. Florida Business Journal reports National Bank of Florida provided a $66.25 million mortgage to the buyer. The 110 Tower last sold for $112.9 million in 2016. Its mortgage was last modified at $90.15 million in 2019.
The deal was part of a 1031 real estate exchange, in which the owner needed to invest the proceeds from selling another property into this deal to achieve tax savings. It includes a fitness center, a restaurant, and a conference center.
Mana biggest deal so far this year was the $110 million purchase of the One Downtown office tower.
