The Deal
- Property: The Grove at 3250 Mary Street, a five‑story, 80,000‑square‑foot office building built in 1982 and renovated in 2022.
- Price: $62.3 million (≈ $779 per square foot).
- Seller: Joint venture of Azora Private Solutions and Vizcaya Capital, who bought the property in 2025 for $47.5M and flipped it for a 30% profit in one year.
- Buyer: El‑Ad National Properties, Boca Raton‑based division of El‑Ad Group, controlled by Israeli billionaire Isaac Tshuva.
Expansion Strategy
- Earlier in 2026, El‑Ad purchased Chateau Grove, a multifamily building at 3265 Virginia Street, for $45.5 million.
- Combined, the two acquisitions give El‑Ad 2.2 acres of contiguous land in Coconut Grove.
- The company has signaled redevelopment plans, likely mixed‑use or luxury residential, though details have not yet been released.
Market Context
- Coconut Grove is one of Miami’s most supply‑constrained office and residential submarkets, surrounded by luxury developments like Four Seasons Residences, Mr. C Residences, and Park Grove.
- Demand from high‑net‑worth buyers and office users continues to push property values upward.
- The acquisition reflects El‑Ad’s broader push to strengthen its South Florida development pipeline, which also includes projects in North Bay Village and Fort Lauderdale.
Broader Implications
- Tshuva’s expansion underscores the growing role of Israeli investors in Florida real estate, particularly in luxury and mixed‑use developments.
- Analysts note that Coconut Grove’s limited land supply makes these acquisitions strategically valuable for long‑term redevelopment.
Credit:thejewishvoice
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