Coconut Grove Office Building Sells for $62 Million

A joint venture between Azora and Vizcaya Capital has completed the sale of a boutique office building in Coconut Grove for $62 million, marking a swift exit just one year after purchasing the property.

The transaction involved 3250 Mary Street, an office asset situated in one of Miami's most desirable neighborhoods. Berkadia's Omar Morales and Jaret Turkell represented the sellers in the deal, which closed recently and reflects sustained demand for quality office properties in South Florida's tight market.

Coconut Grove has emerged as a sought-after location for commercial real estate investors, combining historic charm with proximity to downtown Miami and Coral Gables. The neighborhood's limited office inventory and strong demographics make it particularly attractive for institutional buyers seeking stable, income-producing assets.

The rapid turnaround on this investment suggests the sellers either executed a value-creation strategy quickly or capitalized on favorable market conditions that allowed for an expedited sale. Quick flips of this magnitude typically indicate strong buyer demand and competitive pricing in the underlying market.

Azora, a Spanish investment management firm with significant holdings across multiple asset classes, has been active in the South Florida market alongside its partner Vizcaya Capital. The firms have demonstrated a strategic approach to commercial real estate, often targeting properties with repositioning potential or those located in high-barrier-to-entry markets.

South Florida's office market has shown resilience compared to other major metropolitan areas, with Coconut Grove benefiting from both its scarcity value and appeal to professional service firms. The neighborhood's walkable village atmosphere and waterfront location provide lifestyle amenities that attract quality tenants willing to pay premium rents.

Berkadia continues to play a prominent role in South Florida commercial real estate transactions, with its brokerage team consistently involved in major deals across Miami-Dade County. The firm's expertise in office properties and established relationships with institutional investors position it as a go-to intermediary for significant transactions in the region.

The sale adds to a growing list of notable commercial real estate transactions in Miami's urban core neighborhoods, where investor confidence remains elevated despite national headwinds facing the office sector. Properties in prime locations with strong fundamentals continue to command competitive pricing and attract multiple bidders.

While specific details about the buyer were not disclosed, the $62 million price tag reflects the premium that well-located Coconut Grove office assets can achieve in the current market. The transaction underscores the continued stratification in office real estate, where quality and location increasingly determine value and investor interest.