Jose Canero has flipped a terminated condo building in Miami’s Coconut Grove neighborhood for $45.5 million.
Developer El-Ad National Properties acquired the Chateau Grove Condominium at 3265 Virginia Street, located between Oak and Day avenues near the center of Coconut Grove, the firm announced. The two-story building, constructed in 1963, sits on a lot that spans about half an acre.
Canero bought out the 25-unit building a year ago for a combined $17.3 million. The Miami-based investor also terminated the condo association — a key procedural step that gives developers full control of a property before redevelopment, which El-Ad National Properties intends to do, though the company declined to provide further details.
The property currently functions as a rental. Omar Morales of Berkadia represented the seller. A representative for Canero did not immediately respond to a request for comment.
“Coconut Grove continues to stand out as one of Miami’s most established and sought-after neighborhoods,” Matthew Jeffries, CEO of El-Ad National Properties, said in a statement.
Late last year, Google’s billionaire founder Larry Page spent about $170 million assembling a waterfront compound in Coconut Grove. A slew of new, luxury developments are coming to the neighborhood, too. In January, CMC Group and Fort Partners, together in a joint venture, and Terra each secured construction debt packages north of $300 million.
El-Ad National Properties, a division of Israeli billionaire Isaac Tshuva’s El-Ad Group, has remained active in South Florida. Last year, it purchased a waterfront site in North Bay Village for $20 million, where it’s planning to build a condo tower. It also obtained a $85 million construction loan from Valley National Bank for a mixed-use, 2.8 million-square-foot development in Davie.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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