Paris Theater, Mathieu Massa (Credit: Google Maps)<\/p>\n
UPDATED, July 21, 5:20 p.m.: Massa Investment Group bought the Paris Theater on Miami Beachs Washington Avenue for $13 million.<\/p>\n
Miami-based Massa Investment Group, led by Mathieu Massa, bought the 25,589-square-foot building at 550 Washington Avenue for $508 per square foot, records show. Big Time Productions, led by Eugene Rodriguez, sold the property.<\/p>\n
The building sold at a sharp discount from its $23 million listing price in 2015. The Art Deco-style building was built in 1945. Under different owners, the property had been used as an adult movie house, a nightclub, and a photography and film studio, according to the Miami Herald.<\/p>\n
It had a capacity to hold 1,200 patrons, and could be used for any type of event, including theatrical productions, launch parties and dances. A liquor store, Surf Liquors, sits next to the Paris Theater.<\/p>\n
Massa Investment Group secured a $15.2 million loan from IberiaBank to acquire the property, records show.<\/p>\n
Big Time Productions paid $975,000 for the building in 1992, records show.<\/p>\n
Massa Investment Group specializes in private equity, real estate construction and hospitality, according to its website.<\/p>\n
Massas plans for the site are unclear, and he was unavailable for comment.<\/p>\n
Massa also owns Mr. Hospitality, which runs Baoli Miami, Marion in Brickell and El Tucan. Hes an heir to a family that founded a large tire company in Europe which eventually sold to Continental Tire of Germany in 2011, according to Massa Investments website.<\/p>\n
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Massa Investment buys Paris Theater in Miami Beach for $13M - The Real Deal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Paris Theater, Mathieu Massa (Credit: Google Maps) UPDATED, July 21, 5:20 p.m.: Massa Investment Group bought the Paris Theater on Miami Beachs Washington Avenue for $13 million. Miami-based Massa Investment Group, led by Mathieu Massa, bought the 25,589-square-foot building at 550 Washington Avenue for $508 per square foot, records show Continue reading