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.

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