550 Washington avenue, South Beach
Paris Theater South Beach sold for $13 million!
Miami-based Massa Investment Group, led by Mathieu Massa, bought the 25,589-square-foot building for $508 per foot.
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 .
Theater had a capacity to hold 1,200 patrons, and could be used for any type of event, including theatrical productions, launch parties and dances.
Massa Investment Group secured a $15.2 million loan from IberiaBank to acquire the property, records show.
Big Time Productions paid $975,000 for the building in 1992, records show.
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