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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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.
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