Office property trades for $11M in highly coveted, high-momentum Coconut Grove submarket
JLL Capital Markets led sales efforts for the Class A Grove Professional building in Miami
MIAMI, Mar. 8, 2022 – JLL Capital Markets announced today that it has closed the $11 million off-market sale of Grove Professional, a 39,932-square-foot, jewel box office building in the highly coveted Coconut Grove office submarket of Miami, Florida.
JLL facilitated the sale between the buyer, COFE Properties, LLC, and seller, Grove Property Holdings, LLC, in the off-market transaction.
Grove Professional is located at 2950 SW 27th Ave. in the booming Coconut Grove submarket of Miami where climbing Class A rental rates are exceeding $75 gross.
The JLL Capital Markets team was led by Senior Managing Director Hermen Rodriguez, Managing Director Ike Ojala and Directors Cody Brais and Matthew McCormack.
“Coconut Grove is one of the most coveted office markets in Florida due to the high barriers-to-entry, quality of tenancy, walkable amenities and proximity to executive housing,” Rodriguez stated.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About COFE Properties
COFE Properties is a real estate investment firm headquartered in Coral Gables, Florida whose principal activities include the acquisition and operation of income producing real estate assets. Founded in 2002, COFE has a proven track record of acquiring quality assets and generating attractive returns.