Madison Marquette pays $47M for Coconut Grove office buildings

MetLife provided the buyer with loans totaling $43M

TRD MIAMI /
Jan.January 20, 2020 03:30 PM
From left: 3225 Aviation Avenue and 3250 Mary Street; Roberto Susi and Jose Sasson (Credit: Google Maps)

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

A Washington, D.C. commercial real estate firm purchased its first properties in Miami.

Madison Marquette, an investor, developer and operator of mixed-use real estate, paid a combined $47.4 million for the office buildings at 3250 Mary Street and 3225 Aviation Avenue in Coconut Grove, property records show. The deals closed in late December.

Allegra Holding sold both buildings to affiliates of Madison Marquette. Allegra, led by Jaime Baron Rivero, paid $42 million for the properties in 2015.

Bayview Executive Plaza, on Aviation Avenue, is a 57,155-square-foot building. Continental Plaza, on Mary Street, is an 80,380-square-foot building across the street from Park Grove, Terra and Related’s luxury condo project.

MetLife provided a $17.61 million loan for Bayview Executive Plaza, and a $25.02 million loan for Continental Plaza, records show.

Madison Marquette provides management services and leasing to a handful of properties in Florida, but this is its first purchase in Miami-Dade County, according to its website. It has 330 assets in 20 states in its portfolio.

Roberto Susi and Jose Sasson of Axiom Capital Advisors represented Madison Marquette.

Nearby development also includes Regatta Harbour, a mixed-use project at 2285 Pan American Drive. Anatomy, a high-end gym, plans to open at the retail and marina project this year.

CocoWalk is also undergoing a massive transformation with new retail and office space.


Related Articles

arrow_forward_ios
Rendering of the Oasis and Spotify founder and CEO Daniel Ek with David Weitz and Erik Rutter

Spotify inks lease for South Florida headquarters in Miami’s Wynwood

Steven Hurwitz and Ryan Severino

JLL’s top economist forecasts low probability of a recession

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

1800 Southwest 27th Avenue

Freshwater Group buys Miami office building

The sales team and sales gallery for Mr. C Residences

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

Malcolm Butters, 950 Peninsula Corporate Circle in Boca Raton

Butters buys Boca Raton office building

The Markers Grove Isle

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

arrow_forward_ios
Loading...