Two Coconut Grove office buildings sold for $42M

Buildings were bought by same investment group, Allegra Holding

TRD MIAMI /
Apr.April 30, 2015 06:00 PM

Two office buildings in Coconut Grove were sold for a combined $42 million, commercial brokerage Marcus & Millichap announced Thursday.

The first, dubbed the Bayview Executive Plaza, is a 57,155-square-foot building at 3225 Aviation Avenue.

It is occupied by the Femwell Group Health, Wolfberg Alvarez & Partners and the accounting firm Pinchasik Yelen Muskat Stein.

The second, named Continental Plaza, is a, 80,380-square-foot building at 3250 Mary Street. It’s across the street from Park Grove, an upcoming mixed-use development that has plans for three 20-story condo towers with retail and office space.

Both were purchased by a company titled Allegra Holding, and both were sold by TA Associates Realty.

Douglas Mandel and Benjamin Silver of Marcus & Millichap brokered the sale for both the buyer and the seller.

“These buildings are well positioned to reap the benefits associated with the explosive growth of new developments in The Grove, and the buyer will be able to take advantage of future spikes in demand that will push rental rates to new highs,” Mandel said in a statement. — Sean Stewart-Muniz

 

Related Articles

arrow_forward_ios
Jay Parker and a rendering of CocoWalk

Douglas Elliman, Bluemercury among new tenants at CocoWalk

The Coconut Grove Playhouse and a map of the land to be rezoned

Miami board backs West Grove rezoning near playhouse

The sales team and sales gallery for Mr. C Residences

Condos at Mr. C Residences in Coconut Grove will start in the $600Ks

The Markers Grove Isle

Grove Isle tennis club lawsuit aims volley against developer’s new project

From left: 3225 Aviation Avenue and 3250 Mary Street; Roberto Susi and Jose Sasson (Credit: Google Maps)

Madison Marquette pays $47M for Coconut Grove office buildings

2131 South Bayshore Drive (Credit: Realtor)

Isaac Kodsi trades Miami Beach pad for Grove estate

A rendering of CocoWalk (Credit: iStock)

Sweetgreen expanding to Florida with first locations in Miami

Daily Digest Miami

Blackstone sells Marriott in Weston, Sapir Corp.’s stock tumbles

arrow_forward_ios
Loading...