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Azora and Vizcaya sell Coconut Grove office building for $62.3M

The 80,000-square-foot property, acquired last September for $47.5 million, closed for a nearly $15 million gain and the buyer is linked to El-Ad National Properties.

Reported · Written up by our desk · Commercial

Azora Private Solutions and Vizcaya Capital sold the Grove at 3250 Mary, a five-story office building in Miami’s Coconut Grove, for $62.3 million, according to Commercial Observer.

The deal marks nearly a $15 million gain for the joint venture, which bought the 80,000-square-foot building for $47.5 million last September.

Brokers Berkadia’s Omar Morales and Jaret Turkell represented the sellers, and records cited in the report show the buyer is an entity tied to El-Ad National Properties, the Boca Raton division of Israeli billionaire Isaac Tshuva’s El-Ad Group.

The story notes Coconut Grove’s demand dynamics, citing limited supply and interest from luxury residential buyers and high-net-worth office users, and says the acquisition is a departure for El-Ad National’s usual residential and mixed-use focus. The article also says El-Ad National bought other assets in the broader area, including a nearby condo building for $45.5 million and an oceanfront hotel in Fort Lauderdale for $60 million, and that a representative for El-Ad Group was not immediately available for comment.

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