The property, known as The Grove at 3250 Mary, is an approximately 80,000-square-foot office building sitting on 1.34 acres. The sellers had purchased the property for $47.5 million less than a year earlier.
The deal is bigger than one office building. El-Ad previously paid $45.5 million for a neighboring property, giving the company roughly 2.2 acres of adjoining land in one of Miami’s most valuable areas.
Bank Hapoalim’s U.S. operation provided about $78 million in financing connected to El-Ad’s acquisition of the two properties.
Tshuva, one of Israel’s wealthiest businessmen, has built major businesses across energy and real estate. His El-Ad operation has been expanding across South Florida, making the $62 million Miami purchase another major addition to his growing U.S. property business.