UPDATED, July 15, 10:32 p.m.: Retired Yankees slugger Alex Rodriguez is moving his investment company’s home base to Terra’s Grove at Grand Bay.
On Friday, Rodriguez’s A-Rod Corp closed on space totaling 12,700 square feet at the luxury Coconut Grove condo development, said Erin Knight, executive vice president of Monument Capital Management. Monument is one of the companies under the A-Rod Corp umbrella.
The Grove at Grand Bay acquisition includes roughly 2,500 square feet of ground-floor space that A-Rod Corp will use for its own events and rent out as an event venue, Knight said. A-Rod Corp and Newport Property Construction will be relocating from Coral Gables, while Monument will be moving from Blue Lagoon.
David Martin’s Terra completed Grove at Grand Bay, two 20-story towers with 98 condo units, in 2016. The condo project, at 2675 South Bayshore Drive, was designed by Danish architect Bjarke Ingels.
Andrew Gurewitsch, Max Lescano and Tyler Zimmer of Windsor Realty Partners represented Terra in the sale to Rodriguez’s corporation.
In addition to real estate, Rodriguez’s umbrella company also invests in sports and wellness, media and entertainment, and venture capital. It recently participated in a $210 million funding round for Sonder, a San Francisco-based startup with a platform that leases apartments and transforms them into furnished short-term rentals.
While Rodriguez’s company is based in Miami, it also has offices in Los Angeles and New York. It owns stakes in more than two dozen companies, according to a release.
In April, Monument Capital Management said it closed its first multifamily fund with $21 million in equity. At the same time, it launched a $50 million fund focused on workforce Class B and C housing across the country.
Knight said that A-Rod Corp is bullish on Coconut Grove, and plans to build out the office space by the first quarter of next year. The office, on an undisclosed floor, will feature wraparound balconies.