El-Ad National Buys Miami Office Asset for $62M
The property sold for a record-breaking $775 per square foot.
El-Ad National Properties has paid $62.3 million for The Grove at 3250 Mary, a boutique office building in Miami’s Coconut Grove neighborhood. Azora Private Solutions and Vizcaya Capital sold the asset with the assistance of Berkadia.
The property changed hands at roughly $775 per square foot, the highest price in its history, according to Yardi Matrix. Its previous sale closed less than a year ago at $47.5 million, or $591 per square foot.
Previously known as Continental Plaza, The Grove at 3250 Mary is an 80,380-square-foot low-rise that was completed in 1982. The five-story building with renovated amenities features expansive windows, two passenger elevators and some 160 parking spots.
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The property is on a 1.4-acre site at 3250 Mary St., at the intersection of Tigertail Avenue, Oak Avenue and Mary Street. The location is withing walking distance of CocoWalk and the neighborhood’s waterfront, in an area with multiple retail options. Downtown Miami and its international airport are both 6 miles away.
Senior Director Omar Morales and Senior Managing Director Jaret Turkell with Berkadia represented the sellers.
The Grove at 3250 Mary marks El-Ad National’s second acquisition in Coconut Grove in recent months. The company purchased a multifamily property at 3265 Virginia St. in May, thus creating 2.2 contiguous acres thar could eventually be redeveloped. BHI provided a $78.2 million loan for the two acquisitions, according to The Real Deal.
Miami holds its place among top U.S. markets
The Magic City remained one of the strongest-performing market in the U.S. during the first seven months of 2026, according to a recent Yardi Matrix national office report. Its vacancy stood at 11.6 percent, 220 basis points lower over the past 12 months and well below the 17.7 percent national vacancy rate.
Building on being a hotspot for corporate relocations, Miami also maintained a consistent investment activity. As of July, the metro saw a sales volume of more than $1 billion, with properties trading at $415 per square foot on average. That price was more than double the $198 national average and placed Miami on the third spot nationally, after Manhattan ($575 per square foot) and San Francisco ($543 per square foot).
A notable deal that closed in July was the $97.8 million sale of The Ponce, a 348,473-square-foot office campus in Coral Gables, Fla. PGIM sold the asset after two decades of ownership.
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