Grove’s Mayfair complex sells for $38M

Mayfair in the Grove, the 264,153-square-foot, landmark retail and office complex in Coconut Grove, has sold for $37.8 million to WMP I LLC, an entity controlled by Palm Beach investor Timo Kipp of Whalou Properties Management. That’s almost 42 percent less than the $65 million Amerishop Mayfair bought it for in 1998, before defaulting on the $53 million loan several years later. In 2005, Deutsche Bank Securities gained control of the complex through a foreclosure, after which they launched a $7 million renovation of the property, which includes a fountain, five-story sundial and sculptures. While office leasing has held up during the recession, the retail portion has struggled. Among the current tenants are a number of local boutique and galleries, as well as Ann Taylor Loft. The Sept. 21 sale was handled through a sealed-bid auction held by Jones Lang LaSalle. [SFBJ]