Azora Private Solutions and Vizcaya Capital sold an 80,000-square-foot office building in Coconut Grove for $62.3 million, 31% more than they paid 11 months earlier. The Miami-based investors acquired 3250 Mary St. in October for $47.2 million, according to Berkadia, which arranged the transaction.
The buyer was not disclosed in the announcement. State records first reported by the South Florida Business Journal show the purchasing entity, Mary Street 3250 LLC, is managed by an executive at El-Ad National Properties, a Boca Raton-based developer.
The five-story building was developed in 1982. The sale reflects demand in one of Miami's tightest office markets, where Coconut Grove posted an 8.2% vacancy rate in the second quarter, Cushman & Wakefield reported. Class-A asking rents in the neighborhood averaged $80.79 per square foot in the second quarter, up from $74 a year prior.
"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 said in a statement. Morales represented Azora and Vizcaya alongside Jaret Turkell. "That demand, combined with limited supply, continues to attract remarkable investment to the neighborhood."
El-Ad appears to have development plans for the 1.3-acre site. The firm bought the adjacent development site at 3265 Virginia St. in May for $45 million from The Canero Group. That property also changed hands at a sharp markup after Canero paid $17.3 million 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 of the May transaction.
Prices for commercial properties in Coconut Grove have climbed as a wave of ultra-luxury condominium projects brings wealthy newcomers to the neighborhood. Brookfield sold the Mayfair House Hotel & Garden in June for $110 million, 50% more than it paid to acquire the property in 2019.
El-Ad is close to selling out its three-building Alina Residences Boca Raton after executing $90 million in deals so far in 2026, the company said this week. It is down to its final 10 sponsor-owned apartments in the 303-unit project.