Boca Raton-based El-Ad National Properties has paid $62.3 million for The Grove, an 80,000-square-foot office building at 3250 Mary Street in Coconut Grove, adding another Miami-Dade asset to a rapidly expanding South Florida portfolio.

What did El-Ad National Properties buy in Coconut Grove?

El-Ad National Properties purchased The Grove at 3250 Mary Street — a five-story, 80,000-square-foot office building in Coconut Grove — for $62.3 million from sellers Azora Private Solutions and Vizcaya Capital. The acquisition follows El-Ad's earlier purchase of an adjacent condominium building in the same neighborhood, signaling a deliberate land-assembly strategy along that stretch of Miami-Dade's historic waterfront village.

  • Sellers: Azora Private Solutions and Vizcaya Capital
  • Property: Five-story office building, 80,000 square feet
  • Address: 3250 Mary Street, Coconut Grove, Miami-Dade County
  • Purchase price: $62.3 million

Who is behind El-Ad National Properties?

El-Ad National Properties operates as the U.S. arm of New York-based Elad Group, which is itself affiliated with the Israeli conglomerate Tshuva Group. El-Ad National Properties is headquartered in Boca Raton and has been building a significant development footprint across South Florida, targeting both luxury residential and large-scale mixed-use projects.

  • Parent company: Elad Group, based in New York
  • Ultimate affiliation: Tshuva Group, an Israeli conglomerate
  • U.S. headquarters: Boca Raton, Florida

What other South Florida projects is El-Ad developing?

El-Ad National Properties is advancing multiple major developments across the region beyond the Coconut Grove acquisitions. The company's South Florida pipeline includes a 26-story luxury condominium project in North Bay Village and the Plaza at Davie District, a mixed-use development with a reported price tag of $1 billion.

  • North Bay Village: 26-story luxury condominium tower in planning or development
  • Plaza at Davie District: $1 billion mixed-use project
  • Coconut Grove: Two adjacent properties now under El-Ad ownership

What could this land assembly mean for Coconut Grove?

El-Ad National Properties now controls two neighboring parcels in Coconut Grove, a pattern that typically signals a developer preparing a larger consolidated project rather than simply managing existing buildings. Coconut Grove has attracted intensifying developer interest as Miami-Dade's urban core tightens, with office-to-residential conversions and ground-up mixed-use proposals reshaping blocks that were largely stable for decades. The combined footprint at and near 3250 Mary Street positions El-Ad to seek a significant rezoning or redevelopment approval, though no specific plans for the assembled site have been publicly announced.

Original reporting by The Real Deal Miami.