Torose Equities and Sabal Investment Holdings have sold a five-story office building in Coconut Grove for $61 million, marking a $28 million profit from their initial purchase. The transaction was completed off-market with Azora Private Solutions, a Miami-based investment firm led by Juan José Zaragoza and Ignacio Gil-Casares.
The property, located at 3480 Main Highway, spans 55,000 square feet. Azora Private paid approximately $1,100 per square foot, which is reported as a record price for the Coconut Grove office submarket.
Torose Equities, based in Miami and led by Scott Sherman, along with Irvine-based Sabal Investment Holdings under Pat Jackson, acquired the building one year ago through a UCC foreclosure auction. They assumed a $32.5 million mortgage from Madison Realty Capital of New York to secure the purchase.
The previous owner was an affiliate of CGI Merchant Group, headed by Raoul Thomas. This entity reportedly defaulted on a $4.7 million mezzanine loan that was part of broader financing totaling $35.5 million provided by Madison Realty in 2021.
Scott Sherman stated: “Torose’s short-term hold produced a swift turnaround by renegotiating leases to market-rate rents and securing tenants at prices well above in-place rents.”
Azora Private Solutions is expanding its presence in Coconut Grove and the wider Miami area. The company is a joint venture between Exan Capital of Miami and Advenir Azora of Madrid, holding assets valued at $2.3 billion.
Last year, Azora Private acquired two other office buildings in Coconut Grove—3225 Aviation Avenue and 3250 Mary Street—for a combined total of $82 million. These purchases amounted to about $603 per square foot for 136,000 square feet of space.
In addition to its holdings in Coconut Grove, Azora Private owns properties in Miami Beach’s South of Fifth neighborhood. It purchased one property at 429 Lenox Avenue for $37 million in 2022 and another at 1000 17th Street for $16 million in 2023. The firm also bought the former Flatiron Hotel in New York last year for $47.8 million.
