Torose Equities and Sabal Investment Holdings unloaded a boutique office building in Miami’s Coconut Grove neighborhood for $61 million, the joint venture announced.

Azora Private purchased the seven-story property at 3480 Main Highway, which faces the Barnacle Historic State Park and is about 5.5 miles southwest of Downtown Miami. The 68,031-square-foot building, which holds about 55,000 square feet of rentable space, is fully leased, according to a representative for the sellers. 

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Office tenants include Ridgeback Biotherapeutics, real estate firm Longpoint Realty Partners, and private equity firm Redbird Capital Partners. Restaurants Amal and Level 6 operate outposts on the ground floor and the rooftop.

Last year, Torose Equities and Sabal Investment Holdings gained control of the asset by buying a $32.5 million mortgage from Madison Realty Capital, which fell in UCC foreclosure. CGI Merchant Group owned about $4.7 million in debt tied to the building, which was completed in 2019.

“We recognized the opportunity to acquire a well-located, fully-occupied asset below replacement cost and reposition legacy leases to current market rates,” Scott Sherman, founder and principal of Torose Equities, said in a statement. “The strong investor demand for quality office assets in this submarket validated our thesis and allowed us to deliver exceptional returns to our investors.”

The purchase adds to Azora Private’s Coconut Grove’s office portfolio. Last year, the Madrid-based real estate investment firm bought both the seven-story building at 3225 Aviation Avenue and the four-story building at 3250 Mary Street for a combined $82 million, The Real Deal reported. 

The neighborhood has emerged as one of the most coveted areas in Miami with wealthy executives, who typically want to work near where they live. In the past few months, Google’s billionaire co-founder Larry Page has spent nearly $200 million on estates in Coconut Grove.

A representative for Azora Private did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.