Coconut Grove Office Flipped For $15M Gain After One Year
In a sign of how frothy the commercial real estate in Miami’s wealthy enclaves has become, a 44-year-old office building just sold for a 31% price increase in less than a year.
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The office building at 3250 Mary St. in Coconut Grove
Azora Private Solutions and Vizcaya Capital sold 3250 Mary St., an 80K SF office building in Miami’s posh Coconut Grove neighborhood, for $62.3M, according to Berkadia, which arranged the deal.
The Miami-based investors had acquired the five-story building, which was developed in 1982, in October for $47.2M.
The buyer wasn’t disclosed, but state records first reported by the South Florida Business Journal show that the entity, Mary Street 3250 LLC, is managed by an executive at El-Ad National Properties.
“Coconut Grove continues to distinguish itself as one of South Florida’s strongest real estate markets, driven by exceptional demand from luxury residential buyers and high-net-worth office users,” Berkadia Senior Director Omar Morales, who represented Azora and Vizcaya alongside Jaret Turkell, said in a statement. “That demand, combined with limited supply, continues to attract remarkable investment to the neighborhood.”
Berkadia declined to comment further on the deal. Representatives for Azora, Vizcaya and El-Ad didn’t respond to Bisnow‘s requests for comment.
Coconut Grove has one of the tightest office markets in Miami, at 8.2% vacancy, according to Cushman & Wakefield. Asking rents for Class-A space averaged $80.79 per SF in the second quarter, up from $74 a year prior.
Prices for commercial properties in the neighborhood have spiked as a wave of ultra-luxury condominium projects promises an influx of wealthy newcomers. Brookfield sold the Mayfair House Hotel & Garden in June for $110M, 50% more than it paid to acquire the property in 2019.
El-Ad likely has more in mind for the 1.3-acre site at 3250 Mary St. than a quick flip. The Boca Raton-based developer bought the adjacent development site at 3265 Virginia St. in May for $45M from The Canero Group. That was another rapid escalation in price, after Canero paid $17.3M for all of the condo building’s units in 2025.
“I know that the buyers have big plans to do something special in the Grove,” Morales said at the time.
El-Ad is close to selling out its three-building Alina Residences Boca Raton after executing $90M in deals so far in 2026, according to a release this week. It is down to its final 10 sponsor-owned apartments in the 303-unit project.
