Developer Expands Footprint In Coconut Grove
Updated August 20, 2026
A prominent South Florida developer has added a neighboring property to its Coconut Grove holdings, creating a larger assemblage with significant redevelopment potential. The latest acquisition follows another major purchase completed just months ago—but the price paid for the new site reveals how quickly values are rising in the neighborhood.
El-Ad National Properties has expanded its presence in Coconut Grove with the acquisition of The Grove at 3250 Mary Street, an office property adjacent to another site the developer purchased earlier this year.
Berkadia South Florida Senior Director Omar Morales and Senior Managing Director Jaret Turkell represented the sellers, Azora Private Solutions and Vizcaya Capital, in the transaction.
An El-Ad affiliate paid $62.3 million for the property, according to records cited by The Real Deal. Azora Private Solutions acquired the office building for $47.5 million in September 2025. That translates into a gain of approximately 33 percent in less than a year.
The four-story, 80,000-square-foot building is part of a highly walkable section of Coconut Grove near CocoWalk and the neighborhood’s restaurants, shops and residential developments. Although the property currently operates as an office building, its location and proximity to El-Ad’s existing holdings make the transaction notable as a potential redevelopment play.
“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,” said Morales. “That demand, combined with limited supply, continues to attract remarkable investment to the neighborhood.”
In May, El-Ad paid $45.5 million for the neighboring property at 3265 Virginia Street. That site contains a two-story, 25-unit rental building encompassing approximately 20,490 square feet. At the time of that acquisition, the company described the property as a future redevelopment opportunity but said plans had not been finalized.
Together, the two purchases represent an investment of nearly $108 million and give El-Ad control of adjacent properties in one of Miami’s most land-constrained and sought-after neighborhoods.
The Coconut Grove acquisitions add to El-Ad’s growing South Florida portfolio. The Boca Raton-based company is also advancing residential development sites in North Bay Village, developing the mixed-use District in Davie and recently acquiring the Sea Club Resort property along Fort Lauderdale Beach.
El-Ad’s latest purchase illustrates the continued competition for development opportunities in Coconut Grove, where limited land, strong luxury residential demand and proximity to Brickell and Coral Gables have helped push property values higher.
Key Facts
- Buyer: El-Ad National Properties affiliate
- Property: The Grove at 3250 Mary Street, Coconut Grove
- Purchase price: $62.3 million
- Seller: Entity associated with Azora Private Solutions
- Seller’s September 2025 purchase price: $47.5 million
- Previous nearby acquisition: 3265 Virginia Street for $45.5 million
- Combined investment in the neighboring properties: Approximately $107.8 million
- Significance: The acquisition expands a potential redevelopment assemblage in Coconut Grove
Source: The Real Deal