Two office towers in Coconut Grove sold for $42 million Thursday after being on the market for three weeks.
“It’s just rare to have this kind of opportunity in Coconut Grove,” said Douglas Mandel of Marcus & Millichap, a commercial real estate firm that handled the sale. “There’s not a lot of property available there so when things hit the market, there’s a lot of interest.”
The Grove is getting its groove back as it tries to regain its hip reputation of yore. And residential developers have pounced on the lush neighborhood’s resurgence. Two new ultra-luxury condo projects in the Grove sold at an average price of $1,100 per square foot last month, a record for the area.
Rental rates for office space in the Grove will continue to rise as more people move in, Mandel said, making the two towers an attractive investment for the buyer, Allegra Holding, of Spain.
The first tower, a five-story building called Contentinal Plaza, has about 80,000 square feet of space and is located at 3250 Mary St., across the street from three new condo towers being built by developers Terra and the Related Group.
The second tower, Bayview Executive Plaza, has about 57,000 square feet of space and is located one block west of Bayshore Drive at 3225 Aviation Ave.
The seller is TA Associates Realty. The Boston-based company bought the two properties in 2004 and 2005 for a total of $28.295 million.