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Nearly $8M Buys Coconut Grove Office Asset

COCONUT GROVE, FL-Grove Professional Building LLC paid $181.90 per sf for the Grove Professional Building, which has 41,782 rentable sf in three stories and includes a two-story parking garage. The building was 80% occupied at closing.

By Melissa Bogdany | Updated on June 04, 2004

COCONUT GROVE, FL-The Grove Professional Building has traded hands for $7.6 million, or nearly $181.90 per sf. Grove Professional Building LLC purchased the property, located at 2950 S.W. 27th Ave., from Grove Building Ltd. The 41,782 rentable-sf, three-story office building includes a two-story, 148-space parking garage. The property was 80% occupied at the time of the sale.

The building was built in 1982 as luxury office condominiums for Coconut Grove law firms. Grove Building Ltd. put the units together over time and sold the building after it completed its investment strategy of assembling all the condo units.

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