Azora Private Solutions Buys Two Coconut Grove Offices For $82M

Azora Private Solutions has expanded its Miami footprint with the $82 million purchase of two office buildings in Coconut Grove.

The investment firm—formerly known as Azora Exan and a joint venture between Miami-based Exan Capital and Madrid-based Advenir Azora—acquired a total of 136,000 square feet at 3225 Aviation Avenue and 3250 Mary Street. The deal breaks down to about $603 per square foot, according to sources familiar with the transactions. Financing came through Abanca USA.

The larger of the two purchases was 3250 Mary Street, a four-story, 79,000-square-foot building that sold for $47.5 million. The property, which is roughly 90 percent leased, also includes a surface parking lot with development potential for an additional structure. The second deal involved 3225 Aviation Avenue, a seven-story, 57,000-square-foot building that traded for $34 million and is fully leased.

Both buildings were sold by Madison Marquette, a Washington, D.C.-based firm led by Amer Hammour. Records show Madison Marquette acquired the properties in 2020 for $47.4 million from a seller tied to Exan Capital, founded by Juan José Zaragoza—now one of Azora Private Solutions’ managing principals.

Current tenants across the two buildings include Downs Law Group, Elevate Psychiatry, Septic Masters, Housing Trust Group, and Femwell Group Health.

The acquisitions build on Azora Private Solutions’ growing U.S. portfolio. Globally, the firm manages about $2.3 billion in assets. Recent deals include the $47.8 million purchase of the former Flatiron Hotel in New York and multiple office properties in Miami Beach, including a South of Fifth building once fully leased to WeWork and a $16 million acquisition near Lincoln Road.