Azora, Vizcaya Capital Flip Coconut Grove Office Building for $62M

Just a year after buying a boutique office building in Miami’s coveted Coconut Grove neighborhood, Azora Private Solutions and Vizcaya Capital sold it for a nearly $15 million gain. 

The five-story property at 3250 Mary Street, called the Grove at 3250 Mary, sold for $62.3 million, according to the brokers who represented the sellers, Berkadia’s Omar Morales and Jaret Turkell. The joint venture had purchased the 80,000-square-foot building for $47.5 million last September. 

Records show the buyer is an entity tied to El-Ad National Properties, the Boca Raton-based division of Israeli billionaire Isaac Tshuva’s El-Ad Group. 

“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,” Morales said in a statement. “That demand, combined with limited supply, continues to attract remarkable investment to the neighborhood.”

In recent years, Coconut Grove has attracted a slew of billionaires, including Google’s billionaire founder Larry Page, who spent about $170 million assembling a residential compound last year. The residential acquisitions have fueled demand for luxury office space nearby.  

The acquisition of the 1982-built, 1.3-acre site office building marks somewhat of a deviation for El-Ad National, which has typically focused on residential and mixed-use development. It also comes just four months after the developer purchased a nearby, low-rise condo building for $45.5 million, which will likely be redeveloped. 

Earlier this month, up north in Fort Lauderdale, the firm bought an oceanfront hotel for $60 million. A representative for El-Ad Group was not immediately available for comment.

Julia Echikson can be reached at jechikson@commercialoserver.com.