Torose Equities and Sabal Investment Holdings have sold a five-story office building in Coconut Grove for $61 million, marking a significant gain of $28 million over their purchase price from the previous year. The transaction was conducted off-market with Azora Private Solutions, a Miami-based firm led by Juan José Zaragoza and Ignacio Gil-Casares.
The property, located at 3480 Main Highway, comprises 55,000 square feet. According to the release, Azora Private paid $1,100 per square foot—a record-setting 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 last year through a UCC foreclosure auction. They assumed a $32.5 million mortgage from Madison Realty Capital of New York.
The prior owner was an affiliate of CGI Merchant Group headed by Raoul Thomas. That group reportedly defaulted on a $4.7 million mezzanine loan included in a larger $35.5 million financing package arranged by Madison Realty Capital in 2021.
Scott Sherman commented on the rapid turnaround: “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 is expanding its presence in Coconut Grove as part of its broader South Florida strategy. The company is a joint venture between Miami-based Exan Capital and Madrid-based Advenir Azora, collectively managing $2.3 billion in assets.
Last year, Azora Private acquired two additional office buildings at 3225 Aviation Avenue and 3250 Mary Street for a combined total of $82 million—equivalent to about $603 per square foot for 136,000 square feet of space.
Beyond Coconut Grove, Azora Private also owns properties in Miami Beach’s South of Fifth neighborhood: it purchased one at 429 Lenox Avenue for $37 million in 2022 and another at 1000 17th Street for $16 million in 2023. In addition, the firm bought New York’s former Flatiron Hotel last year for $47.8 million.
