Just one year after acquiring a boutique office building in Miami's desirable Coconut Grove district, Azora Private Solutions and Vizcaya Capital have resold the property with a profit of almost US$15 million. The five-storey property at 3250 Mary Street, known as Grove at 3250 Mary, changed hands for US$62.3 million, as confirmed by brokers Omar Morales and Jaret Turkell of Berkadia, who represented the sellers.
The joint venture had purchased the 80,000 square-foot building last September for US$47.5 million, representing a gain of approximately 30 per cent in less than a year. According to records, the buyer is a company affiliated with El-Ad National Properties, the Boca Raton-based division of Israeli billionaire Isaac Tshuva's El-Ad Group.
Sustained Demand in the Luxury Segment
Omar Morales stated in a release that Coconut Grove continues to establish itself as one of South Florida's strongest real estate markets, driven by exceptional demand from luxury residential buyers and affluent office users. This demand, combined with limited supply, continues to attract remarkable investment to the district.
In recent years, Coconut Grove has attracted numerous billionaires, including Google founder Larry Page, who invested around US$170 million last year to establish a residential complex. These residential acquisitions have further stimulated demand for luxurious office space nearby.
Strategic Expansion of Investments
The acquisition of the office building, constructed in 1982 on a 1.3-hectare plot, represents a slight deviation for El-Ad National, whose focus is typically on residential and mixed-use developments. The transaction comes just four months after the developer bought a nearby low-rise multi-family building for US$45.5 million, which is expected to be redeveloped. Earlier this month, the company acquired a beachfront hotel further north in Fort Lauderdale for US$60 million. A representative for the El-Ad Group was not immediately available for comment.
