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El-Ad Pays $45.5M for Coconut Grove Property
El-Ad National Properties acquired the property located at 3265 Virginia St., Miami, Fla., for $45.5 million. The seller was an affiliate of the Canero Group. Omar Morales of Berkadia represented the seller in the transaction.
Located in Coconut Grove, the property currently consists of a two-story residential building with 25 residential units and approximately 20,490 square feet. The site is currently occupied and operated as a residential rental property. The acquisition is intended as a future redevelopment opportunity, although plans for the site have not been finalized.
“Coconut Grove continues to stand out as one of Miami’s most established and sought-after neighborhoods, making it a natural fit for El-Ad National Properties as we continue expanding throughout South Florida,” said El-Ad’s Matthew Jeffries.
In Broward County, El-Ad National Properties is developing The Plaza at Davie District, formerly known as The District at Davie.
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