MIAMI—Wexford Capital, 13th Floor Investments, and a group led by Camilo Miguel, Jr., founder and CEO of Miami-based Mast Capital, just grabbed a prime Coconut Grove bayfront property for $29.5 million. The 9-story office building sits on over 45,000 square feet of land and is 100% leased.

On an off-market basis, Miguel made what he calls a persuasive all-cash offer. From his perspective, “It is rare to find such a special piece of waterfront property with good tenants and good in-place cash flow.” The deal closed 60 days after the contract was signed.   

The property is located 2699 South Bayshore Drive, the most exclusive area in Coconut Grove. The investors plan to redevelop the site but have not revealed specific plans. The property is bordered by two ultra-luxury condominium projects currently under development: Terra Group project Grove at Grand Bay and the Terra and Related Group joint ventured new project Park Grove. The property overlooks Dinner Key Marina and Biscayne Bay, has unobstructed water views on three sides, and is zoned for a high rise residential condominium or mixed use tower.

“Miami appeals to the whole world now—not just South Americans as it is a new city today, and the Grove is becoming more desirable than ever,” says Miguel. “I pursue opportunities nationwide, but I love Miami as a market and it is where I am focusing most of my energy. Miami is going through a transformation once again, with more resilience and a tremendous convergence of wealth from all over the world. It will reemerge as a new city."

Mast recently purchased a rare vacant lot in Miami's coveted South of Fifth Street community where Miguel resides. Mast is working with luxury design architect Rene Gonzalez and artist Michelle Oka Donner on the project.

“I plan to satisfy pent-up demand for new open floor plan, three-bedroom units, with oversized balconies,” he says. “Pricing is expected to range from $2.5 to $3.5 million.”