X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COCONUT GROVE, FL-The Grove Professional Building has traded hands for $7.6 million, or nearly $181.90 per sf. Grove Professional Building LLC purchased the property, located at 2950 S.W. 27th Ave., from Grove Building Ltd. The 41,782 rentable-sf, three-story office building includes a two-story, 148-space parking garage. The property was 80% occupied at the time of the sale.

The building was built in 1982 as luxury office condominiums for Coconut Grove law firms. Grove Building Ltd. put the units together over time and sold the building after it completed its investment strategy of assembling all the condo units.

Thomas H. Brymer II, president of Thomas H. Brymer II PA, represented Grove Building Ltd. in the transaction. Otto Travieso of Easy Way Realty represented Grove Professional Building LLC.

The Grove Professional Building was the third office building sale in the Coconut Grove submarket in the past year, according to Brymer. Cardinal Management purchased Grand Bay for $33 million, or $206 per sf, and WPB Miami Acquisitions purchased Continental Plaza for $11.6 million, or $144 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.