Berkadia Arranges $62.3M Sale of Coconut Grove Office Building as Mary Street 3250 LLC Acquires The Grove at 3250 Mary

Berkadia has arranged the $62.3 million sale of The Grove at 3250 Mary, an 80,000-square-foot office building situated on a 1.34-acre site in Miami's Coconut Grove neighborhood, the firm announced Aug. 18, 2026. Mary Street 3250 LLC acquired the five-story property from a joint venture of Azora Private Solutions and Vizcaya Capital.

Senior Managing Director Jaret Turkell and Senior Director Omar Morales of Berkadia South Florida represented the sellers in the transaction. The deal values the building at approximately $779 per square foot.

Property Overview and Recent Renovation

The Grove at 3250 Mary is located at the intersection of Mary Street, Tigertail Avenue and Oak Avenue in Coconut Grove, one of South Florida's most supply-constrained office submarkets. Built in 1982 and renovated in 2022, the Class B building spans five stories with typical floor plates of approximately 15,832 square feet. The 2022 renovation included interior upgrades and common-area improvements that repositioned the asset as a modernized boutique office property.

The 1.34-acre site is surrounded by luxury residential developments including Four Seasons Residences Coconut Grove, Mr. C Residences Coconut Grove, Park Grove and The Well Coconut Grove, and sits less than five minutes from CocoWalk's shopping, dining and entertainment district.

Sellers Generated Nearly $15M Gain in Roughly One Year

Azora Private Solutions and Vizcaya Capital purchased the property in September 2025 for $47.5 million. The $62.3 million sale price represents a gain of nearly $15 million — approximately a 30% return on their basis — in roughly one year.

"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. "That demand, combined with limited supply, continues to attract remarkable investment to the neighborhood."

Buyer Linked to Broader Assemblage Strategy

Mary Street 3250 LLC, the contracting entity on the buyer side, is linked to El-Ad National Properties, the Boca Raton-based division of El-Ad Group, controlled by Israeli billionaire Isaac Tshuva. The acquisition of The Grove at 3250 Mary gives El-Ad National a two-lot assemblage totaling approximately 2.2 acres in Coconut Grove when combined with 3265 Virginia Street, a multifamily property the firm acquired earlier in 2026 for $45.5 million. The assembled footprint positions the buyer for a potential mixed-use or residential-driven development play in one of Miami's most land-constrained neighborhoods.

The transaction reflects broader pricing dynamics in Coconut Grove, where limited supply of developable sites and strong luxury residential demand have pushed land and office values above typical Miami benchmarks. Coconut Grove Class A office vacancy has remained below 5%, a condition that has supported elevated pricing for well-located assets.

Market Context: Coconut Grove Office Demand Remains Elevated

The trade occurs against a backdrop of falling countywide office vacancy, rising rents and widening pricing divergence between trophy and secondary assets across Miami-Dade County. Coconut Grove's walkability, waterfront setting, mature tree canopy and scarcity of new development sites have made it one of the few Miami submarkets where office assets routinely command pricing that reflects land and redevelopment optionality as much as stabilized income.

No cap rate was disclosed for the transaction. Given the boutique, renovated character of the building and the buyer's apparent assemblage strategy, the pricing is consistent with a land-and-redevelopment valuation rather than a conventional stabilized office yield.

Berkadia is a commercial real estate company that provides investment sales, mortgage banking and servicing across the United States.

Sources

Berkadia — The Grove at 3250 Mary, Coconut Grove, FL | Sold by Berkadia 2026