Azora Private Solutions, formerly Azora Exan, acquired two Coconut Grove office buildings for a combined $82 million.
Azora Private Solutions, a joint venture between Miami-based Exan Capital and Madrid-based Advenir Azora, paid roughly $603 a square foot for a total of 136,000 square feet of office space at 3225 Aviation Avenue and 3250 Mary Street.
A source close to Azora Private Solutions confirmed the two separate Miami deals to The Real Deal. The buyer financed the purchases with an Abanca USA loan, the source said. Azora Private Solutions’ managing principals Juan José Zaragoza and Ignacio Gil-Casares declined to comment.
In the larger deal, Azora Private Solutions paid $47.5 million for the four-story building with roughly 79,000 square feet of office space at 3250 Mary Street, which also includes a surface parking lot that can be developed into a second building, the source said. The property is 90 percent occupied.
The firm bought the seven-story building with 57,000 square feet of office space at 3225 Aviation Avenue for $34 million. The building is fully leased, the source said.
An affiliate of Washington D.C.-based Madison Marquette, led by Amer Hammour, sold the two properties. In 2020, Madison Marquette paid a combined $47.4 million for the two office low-rise buildings, records show. The seller at the time was an entity with ties to Exan Capital, which was founded by Zaragoza.
Tenants at 3250 Mary Street and 3225 Aviation Avenue include Downs Law Group, Elevate Psychiatry, Septic Masters, Housing Trust Group and Femwell Group Health.
A global investment management firm, Azora Private Solutions has about $2.3 billion in assets, a press release states. Last year, the firm paid $47.8 million for the former Flatiron Hotel in New York.
In South Florida, Azora Private Solutions owns a Miami Beach office building in the city’s South of Fifth neighborhood that was previously fully leased to WeWork. In 2022, the firm paid $37 million for the property. A year later, Azora Private Solutions paid $16 million for a three-story building near Miami Beach’s Lincoln Road.
