Torose Equities and Sabal Investment Holdings have sold a five-story office building in Coconut Grove for $61 million, marking a $28 million profit on the property. The transaction was conducted off-market, with Miami-based Azora Private Solutions acquiring the building at 3480 Main Highway, according to a news release.
The sellers, Torose Equities led by Scott Sherman and Sabal Investment Holdings led by Pat Jackson, purchased the property one year ago through a UCC foreclosure auction. They assumed a $32.5 million mortgage from Madison Realty Capital, based in New York.
Azora Private Solutions paid $1,100 per square foot for the 55,000-square-foot building. This price sets a new record for office space in Coconut Grove’s submarket.
The previous owner of the property was an affiliate of CGI Merchant Group, which is associated with Raoul Thomas. The group reportedly defaulted on a $4.7 million mezzanine loan that was part of a larger $35.5 million financing package from Madison Realty in 2021.
Scott Sherman commented on the turnaround achieved during their short-term ownership: “Torose’s short-term hold produced a swift turnaround by renegotiating leases to market-rate rents and securing tenants at prices well above in-place rents.”
Azora Private Solutions is expanding its presence in Coconut Grove. The company is a joint venture between Miami-based Exan Capital and Madrid-based Advenir Azora, managing assets totaling $2.3 billion. Last year, Azora Private acquired two additional office buildings in Coconut Grove—3225 Aviation Avenue and 3250 Mary Street—for a combined $82 million, equating to about $603 per square foot for 136,000 square feet of space.
In addition to its holdings in Coconut Grove, Azora Private owns two properties in Miami Beach’s South of Fifth neighborhood: one at 429 Lenox Avenue purchased for $37 million in 2022 and another at 1000 17th Street bought for $16 million in 2023. The firm also expanded into New York last year with the acquisition of the former Flatiron Hotel for $47.8 million.
