A Washington, D.C. commercial real estate firm purchased its first properties in Miami.
Madison Marquette, an investor, developer and operator of mixed-use real estate, paid a combined $47.4 million for the office buildings at 3250 Mary Street and 3225 Aviation Avenue in Coconut Grove, property records show. The deals closed in late December.
Allegra Holding sold both buildings to affiliates of Madison Marquette. Allegra, led by Jaime Baron Rivero, paid $42 million for the properties in 2015.
Bayview Executive Plaza, on Aviation Avenue, is a 57,155-square-foot building. Continental Plaza, on Mary Street, is an 80,380-square-foot building across the street from Park Grove, Terra and Related’s luxury condo project.
MetLife provided a $17.61 million loan for Bayview Executive Plaza, and a $25.02 million loan for Continental Plaza, records show.
Madison Marquette provides management services and leasing to a handful of properties in Florida, but this is its first purchase in Miami-Dade County, according to its website. It has 330 assets in 20 states in its portfolio.
Roberto Susi and Jose Sasson of Axiom Capital Advisors represented Madison Marquette.
Nearby development also includes Regatta Harbour, a mixed-use project at 2285 Pan American Drive. Anatomy, a high-end gym, plans to open at the retail and marina project this year.
CocoWalk is also undergoing a massive transformation with new retail and office space.