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Coconut Grove office building sells for $62.3M after 44% surge

The 80,000 SF property traded at a 31% gain in under a year, following a $47.2M purchase in October.

Reported · Written up by our desk · Commercial

A Coconut Grove office building in Miami sold for $62.3 million, marking a 31% price increase in less than a year, according to a deal arranged by Berkadia and reported by Bisnow.

The asset at 3250 Mary St. is an 80,000 SF, five-story building developed in 1982. Azora Private Solutions and Vizcaya Capital bought it in October for $47.2 million, representing a sizable return for the seller over roughly 10 months, Bisnow reported.

Berkadia said Coconut Grove’s office market remains strong, citing limited supply and demand from luxury residential buyers and high net worth office users. The story also points to tight local conditions, with Cushman & Wakefield putting Coconut Grove office vacancy at 8.2%.

Bisnow noted that asking rents for Class A space averaged $80.79 per SF in the second quarter, up from $74 a year earlier. It also said El-Ad National Properties, through an affiliated managing entity, is involved with plans that could extend beyond a quick flip, after El-Ad bought an adjacent development site in May for $45 million.

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