El-Ad National Properties Pays $62.3M for Second Coconut Grove Site

El-Ad National Properties has paid $62.3 million for The Grove at 3250 Mary, a Coconut Grove office building, according to The Real Deal. The deal is the New York-based developer’s second purchase in the neighborhood in four months, following its $45.5 million buy of the adjacent 3265 Virginia Street apartment building in May.

Why it matters

Two purchases on the same block inside four months is not a one-off trade, it is site control being assembled quietly in one of Miami’s tightest submarkets. Sellers Azora Private Solutions and Vizcaya Capital walked away with a reported $779 per square foot on the office building, and anyone underwriting Coconut Grove land now has that number as a comp, plus a competitor accumulating parcels next door. Miami-Dade County deed records show the seller’s own purchase of the site came less than a year earlier, when an Azora entity, 3250 Mary LLC, bought the building from MM Continental Plaza LLC for $47.5 million in September 2025, a roughly $14.8 million gain in under a year if El-Ad’s reported price holds once it records.

The numbers

The county appraiser’s card for the Mary Street folio lists a four-story structure spanning two segments and 132,295 square feet combined, on a 59,635-square-foot lot, larger than the five-story, roughly 80,000-square-foot figure reported elsewhere. The 2026 assessed value sits at $37.4 million, well under the reported sale price. On the Virginia Street side, the deed recorded May 12, 2026 in Official Records Book 35317, Page 832 confirms the $45.5 million price and the buyer, El Ad 3265 Virginia LLC, care of El-Ad National Properties LLC, across all 25 units of the two-story, 25-unit rental building.

What’s next

Neither purchase has a public redevelopment filing yet. El-Ad National Properties, the U.S. arm of Isaac Tshuva’s Elad Group, has not disclosed plans for either site, but back-to-back deals on the same Coconut Grove block point toward assembling contiguous land rather than holding two unrelated buildings. Developers pricing land nearby should expect the next filing, a rezoning application or a combined redevelopment plan, to show whether El-Ad intends to build across both parcels.