Lion Development Group, LNDMRK Development and Tricera Capital Close On Society Wynwood Retail For $22.5 Million

A partnership between Lion Development Group led by Michael Simkins, LNDMRK Development led by Alex Karakhanian and Tricera Capital led by Ben Mandell have closed on 32,000 square feet of ground-floor retail space at Society Wynwood for $22.5 million. Tricera and LNDMRK signed four leases pre-closing to fill about 50% of the leasable area to Starbucks, Nacho Daddy,Chama De Fogo Brazilian Steakhouse, and I Scream Gelato. Property Markest Group (PMG) and Greybrook, who developed the mixed use project, sold the retail portion for $22.5 million to the buyer group, and the deal closed on April 26. Jason Krane with Ackman Ziff helped source Seacoast Bank, the senior lender that financed the deal.

“Wynwood's growth over the last decade has been tremendous, and our team is excited to continue to play a role in elevating the community,” said Tricera Capital CEO Ben Mandell. “We have had success leasing at Society thus far and intend to continue our momentum with new leases soon to be announced.”

The property at 2431 NW Second Ave. is conveniently located in the center of the Wynwood Art District, within walking distance of many new restaurants and boutique businesses. Along with the ground-floor retail, Society Wynwood has almost 300 modern residential units and a private parking garage, making it a premier destination.

“We are excited to partner with Tricera and Lion on this transformative acquisition. The retail is situated in the core of the district, directly across from the Wynwood Walls, and continues to attracted premium tenants that want to be part of this vibrant community,” said Alex Karakhanian, Owner of LNDMRK Development. “Wynwood continues to grow and mature, becoming a neighborhood where living, leisure, and work can intertwine.”

Starbucks will occupy ~2,600 square feet of retail space at Society Wynwood. Las Vegas-born Nacho Daddy will occupy ~5,400 square feet,Brazilian Steakhouse Chama De Fogo will occupy ~5,520 square feet, and I Scream Gelato will occupy ~1,300SF.

Leading Crypto Firm Blockchain.com Signs Lease At Tricera Capital and LNDMRK Development's Cube Wynwd

Leading crypto firm Blockchain.com has finalized a lease to occupy the top two floors of Tricera Capital and LNDMRK Development’s Cube Wynwd as its new Miami office. The ~22,000-square-foot lease brings Cube Wynwd to full occupancy less than 10 months after Tricera and LNDMRK acquired the Class A, 100,000-square-foot office and retail building. The deal also gave Blockchain.com naming rights for the building. Blockchain.com, one of the most widely used consumer crypto products and the leading institutional solutions provider, will soon begin designing its permanent office on the seventh and eighth floors.

Danet Linares, Tere Blanca and David Valdez of Blanca Commercial Real Estate, Inc. represented Blockchain.com in the Cube Wynwd lease. JLL’s Eric Groffman, Cameron Tallon and Edward Quinon represented Tricera and LNDMRK.

“We are thrilled to welcome Blockchain.com to Cube Wynwd and the Wynwood neighborhood,” said Tricera Co-Founder and Managing Principal Ben Mandell. “Blockchain.com’s leadership shares our long-term belief in Wynwood, which still has vast potential on top of the incredible growth and activity that has already occurred.”

In 2021, Blockchain.com announced its intentions to relocate its national headquarters from New York to Miami and aggressively hire throughout the local Miami job market. It also committed to make a significant investment to support the South Florida STEM community.

“As Miami solidifies its status as a mecca for crypto, we couldn’t be more excited to announce the location for planting our permanent roots in the city,” said Peter Smith, Blockchain.com CEO. “The speed at which our business is growing matches that of Wynwood and Miami itself, creating the perfect backdrop for us to continue scaling worldwide from our very own Blockchain.com building.”

Tricera and LNDMRK purchased Cube Wynwd, which also includes ground-floor retail space and a verdant rooftop terrace occupied by popular Japanese restaurant Kissaki, in an April 2021 off-market transaction. The 222 NW 24th St. Cube Wynwd, the neighborhood’s first boutique office-over-retail building, was just ~35% occupied at the time of Tricera and LNDMRK’s acquisition.

The joint venture partners rapidly stabilized the building with a compelling mix of tenants, including Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.

Coworking operator Spaces occupies about 30% of the office space and about 1,700 square feet of the retail space in Cube Wynwd’s lobby. Renowned chef Gabriele Bonci’s Rome-based Bonci Pizza and Mini Market are among the existing retail tenants. The building features loft-style office space with expansive floorplates.

“Cube Wynwd is a case study for how we identify off-market opportunities and move quickly to execute our hands-on ownership approach,” Tricera Co-Founder and Managing Principal Scott Sherman. “We are proud of the building’s dynamic tenant roster, with Blockchain.com joining numerous new-to-market companies. Wynwood will continue to experience intense corporate relocation demand from the technology and finance sectors.”

Tricera and LNDMRK are frequent collaborators on real estate investments and developments. The companies are partnering with The Related Group to develop The Dorsey, a 12-story apartment building with a parking garage and nearly 95,000 square feet of office and retail space on a former Coca-Cola plant in Wynwood.

Image via Richard Novak

Tricera Capital And 13th Floor Investments Secure Lease With Echelon Fitness to Anchor The Boulevard's Retail Component

Tricera Capital, leading the retail efforts at The Boulevard, finalized a lease with a high-profile on-demand exercise firm to anchor the ground-floor retail component. The Boulevard, a 294-unit luxury apartment building, is being developed by 13th Floor Investments in partnership with both Wexford Capital and Tricera.

Tennessee-based Echelon Fitness is relocating its national headquarters to The Boulevard and will offer spinning classes, contemporary workout apparel & accessories in an upscale retail shop, as well as shoot live videos and offer in-person training at the 5700 Biscayne Blvd. location.

Tricera also completed a lease with the popular Crema Gourmet Espresso Bar, which will open a new location at The Boulevard.

Echelon is set to occupy 10,035 square feet at The Boulevard, which will have a total of approximately 27,000 square feet of retail. The 2.2-acre development site is located at 5700 Biscayne Boulevard – just 1.5 miles north of Miami’s Design District.

Known for “redefining home fitness,” Echelon offers a variety of home-based fitness options including connect bikes, rowers, reflects and the echelon stride.

The company plans to utilize the Miami location to offer in person training, spinning classes and will also have a studio component where they record live classes that will then be used for each digitally integrated product. Echelon will be bringing a much-needed luxury fitness experience to the area. It will also operate a retail store and corporate office out of the location.

“We are thrilled at the opportunity to bring an elite tenant such as Echelon to The Boulevard,” Tricera Capital Co-Founder and Managing Principal Ben Mandell said. “Echelon is truly disrupting the home fitness industry, they will fit in well with the pioneering technology firms that are increasingly moving to Miami. The in-person training component will be a major hit with The Boulevard residents and nearby residents and professionals.”

Crema Gourmet Espresso Bar is a local favorite that has locations in Coral Gables, Davie, Downtown Doral, Brickell, Downtown Miami and Miami Beach. At The Boulevard, Crema Gourmet will occupy 2,400 square feet on the ground floor and serve food and smoothies on the building’s rooftop.

Mandell and Jennifer Houston, Tricera’s Executive Vice President – Head of Retail Leasing, oversee retail leasing at The Boulevard. The duo is finalizing leases with a fast-casual poke concept from Pinecrest, upscale salon and luxury clothing boutique.

The partnership expects to complete The Boulevard and commence resident move-ins during the first quarter of 2022.

“This is a very exciting time to be in Miami and work on a project like The Boulevard,” Houston said. “We look forward to elevating the MiMo District with compelling new restaurants and high-end boutiques, creating an unparalleled experience for the project’s tenants and visitors.”

Tricera’s retail experience in the South Florida market is instrumental in making The Boulevard a retail destination for the local community and future residents. The burgeoning MiMo/Biscayne Corridor continues to grow as a top destination for affluent families and new retail concepts.

Remaining available inventory for lease includes flagship space at the intersection of Northeast 58th Street and Biscayne Boulevard – one of the most desirable food-and-beverage spaces left in Miami.

Joint Venture Led By Tricera Capital Acquires One Clearlake Centre Office Tower In West Palm Beach For $60.7 Million

A joint venture between Scott Sherman’s Tricera Capital, NDT Development, New England Development and Rockpoint Group have acquired the One Clearlake Centre office tower in West Palm Beach for $60.7 million. The seller was a joint venture between the Dallas-based real estate investment firm Velocis and CREC who had initially acquired the property in 2017 for $42.3 million. The property was 62% leased at the time of sale and the transaction was overseen by JLL. Tenants include Intech Investment Management, Coastal Wealth, Truist Financial, KRES Commercial, Northwestern Mutual and Day Pitney.

One Clearlake Centre was developed in 1986 on a 3-acre site at 250 South Australian Avenue. The building rises 18-stories and spans 221,079 SF of rentable space with a 669-space parking garage. One Clearlake Centre was renovated in 2019 and features tenant amenities a gym, lounge and cafe.

The West Palm Beach office market has seen quite a bit of movement recently. In January 2021 the New York-based Related Companies acquired the Phillips Point office complex in West Palm Beach for roughly $282 million and in May 2021 acquired CityPlace Tower for $175 million. In June Related Companies also acquired a 50% stake in the Esperanté Corporate Center from the New York-based RedSky Capital, the London-based JZ Capital Partners owns the remaining 50%.

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Tricera Capital And Alex Karakhanian's LNDMRK Development Acquire Cube Wynwd For $28 Million

Scott Sherman and Ben Mandell’s Tricera Capital in partnership with Alex Karakhanian’s LNDRMK Development have acquired the recently completed Class A office building Cube Wynwd for $28 million. The transaction was financed with $19.6 million in financing split between a senior loan from Amerant and a mezzanine loan from Glacier Credit Strategies which were arranged by Scott Wadler of Berkadia. Cube Wynwd was developed in 2019 by Redsky Capital in partnership with JZ Capital Partners and was financed by Bank OZK and Lionheart Strategic Management.

The building is located at 222 NW 24th St. in Wynwood. Cube Wynwd was designed by Arquitectonica and rises eight stories and offering 100,000 square feet of commercial space. Coworking operator Spaces had leased roughly 30% of the property prior to the sale. The New York-based restaurant group Kissaki also recently signed a lease for the rooftop restaurant space. Other tenants include local retailer ILLIMIT and Bonci Pizzeria.

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Tricera Capital Locks Down $50.8 Million In Construction Financing For Mixed-Use Redevelopment The Press In West Palm Beach

Tricera Capital, led by Scott Sherman and Ben Mandell, have closed on $50.8 million in refinancing and construction financing for their mixed-use office and retail redevelopment The Press, located at 2751 South Dixie Highway in West Palm Beach. The loan was provided by the Chicago-based Monroe Capital. Tricera Capital was represented by Jason Krane and Simon Ziff of Ackman-Ziff Real Estate Group.

Tricera Capital acquired the former Palm Beach Post campus in March 2019 for $24 million. The redevelopment of the property is an example of creative adaptive re-use and expected to reinvigorate the city’s Dixie Highway corridor. The property was a former printing press and distribution facility and nearly all existing structures are to remain, including the Post’s office building and printing press. The project name is a nod to the Post’s legacy at the site.

The Press is divided into two components, The Shops at the Press, the 125,000 square foot retail component, and the adjacent Workspaces at the Press, the 140,000 square foot office component. Joseph’s Classic Market will serve as the retail anchor which was announced in February 2021 and the property will also feature a newly built Starbucks outparcel.

Tricera Capital Announces Joseph's Classic Market As Anchor Tenant of Shops at The Press

Tricera Capital, the Miami-based real estate investment firm, has finalized a long-term lease with Joseph’s Classic Market to anchor Shops at the Press, the retail component of the firm’s pioneering mixed-use project - The Press - in West Palm Beach. The redevelopment of the Palm Beach Post campus is an example of creative adaptive re-use and expected to reinvigorate the city’s Dixie Highway corridor. Amy Acierno of Florida Communities Realty, LLC represented the grocer in the Shops at the Press lease.

Joseph’s, an upscale family-owned Italian specialty market founded in 2005 by New York native and longtime Palm Beach County resident Joseph Acierno, is leasing more than 15,000 square feet at Shops at the Press. It will serve the rapidly growing downtown West Palm Beach residential population and become a vital amenity for the professionals based in the adjacent Workspaces at the Press, the 140,000-square-foot office component of Tricera’s project. Joseph’s was established to bring anyone who loves food an exceptional shopping experience.

Shops at the Press is Joseph’s first West Palm Beach location. Joseph’s has several additional locations in Palm Beach County, including a recently opened market at Simon Property Group’s Town Center at Boca Raton.

“We are thrilled to welcome Joseph’s Classic Market to Shops at the Press,” Tricera Co-Founder and Managing Principal Ben Mandell said. “Our office tenants next door will love having easy access to healthy, fresh gourmet grab-and-go meals. Joseph’s also fills a major void for a high-quality upscale specialty grocer that directly caters to the affluent surrounding community.”

Known for its fresh ingredients and unparalleled customer service, Joseph’s will offer superior meats and seafood, fresh produce, a hot bar and cold bar, scratch-made bakery, New York pizzeria, chef-prepared entrees and side dishes, gourmet catering and an Italian deli at the Shops at the Press location.

“Our family cannot wait to bring our gourmet market and chef prepared meals to meet the daily needs of West Palm Beach residents and professionals,” Owner Joseph Acierno said. “We are a fourth generation, locally owned and operated business that serves a delicious alternative to dining out and provides an experience comparable to traditional restaurants at affordable prices.”

Tricera expects to deliver the Joseph’s space in mid-2022. Meanwhile, the firm is nearing completion of the Starbucks outparcel on the project site at the hard corner of Belvedere Road and South Dixie Highway. The Starbucks is scheduled to open to the public in June 2021.

With The Press, Mandell and fellow Tricera Co-Founder and Managing Principal Scott Sherman are bringing much-needed retail, offices, entertainment and public art to West Palm Beach while preserving an important piece of the city’s history. Nearly all existing structures are to remain, including the Post’s office building and printing press. The project name is a nod to the Post’s legacy at the site.

For Workspaces at the Press, Tricera has recently completed an extensive renovation of the existing four-story office building. The Post has signed a new long-term lease and are now occupying 35,000 square feet on the second floor. Cameron Tallon, senior vice president for JLL’s agency leasing team, is handling office leasing on behalf of Tricera.

Tricera Capital, LNDMRK and Related Group Break Ground On The Dorsey In Wynwood

The Related Group, Alex Karakhanian’s LNDMRK Development, and Scott Sherman’s Tricera Capital have broken ground on The Dorsey in Wynwood. The Dorsey is a mixed-use project which will rise 12-stories and will feature 306 apartment units; 35,000 SF of retail; 70,000 SF of office and 476 parking spaces. Units will range in size between 500 and 700 square feet with some micro-units in the 400 square foot range. The project was designed by Arquitectonica and will be located along one of the planned Woonerfs as part of Wynwood’s new ArquitectonicaGEO-designed streetscape, which open up space for pedestrians while also allowing car access.

“We are proud to partner with Related and Alex karakanian on this mixed use project in the most dynamic and growing neighborhood in Miami,” said Scott Sherman of Tricera Capital.

The Dorsey will be built at the site of the former Coca Cola plant and was previously owned by Thor Equities and Rockwood Capital who had proposed a Touzet Studio-designed project. The JV, which purchased the 2-acre site in late 2019 for $32 million, demolished existing buildings on the site, some of which were originally built in the late 1920’s including the former Coca Cola plant. The Dorsey will be located at 280 NW 28th Street.

Tricera Capital and LNDMRK Development Acquire Walgreens-Leased Retail Building In Miami Shores

Miami-based real estate investment firm Tricera Capital, led by Scott Sherman and Ben Mandell, and Alex Karakhanian’s LNDMRK Development have teamed up to acquire a Walgreens-leased retail building in Miami Shores. The joint venture closed the off-market purchase of the 9020 Biscayne Blvd. property for $4 million on Sept. 30.

The venture obtained a $2.5 million loan from First National Bank of South Miami for the acquisition.

The acquisition is a desirable long-term investment with Walgreens is signed to a long-term single-tenant lease for the 14,850-square-foot building. Tricera and LNDMRK purchased the property at an attractive land basis, offering significant upside through future redevelopment or re-leasing the existing building. The property is adjacent to a Publix supermarket on a stretch of Biscayne Boulevard that generates substantial traffic.

“We are thrilled to partner with Alex and LNDMRK once again on this new investment,” said Tricera Co-Founders and Managing Principals Scott Sherman and Ben Mandell. “This acquisition underscores our firm’s unique ability to identify and execute on off-market opportunities in urban core neighborhoods.”

“It is exciting to expand on our successful partnership with Tricera,” Karakhanian said. “This new acquisition adds a strong asset with in-place cash flow and long-term upside to our growing portfolio.”

Miguel Pinto and Jamie Maniscalco of APEX Capital Realty represented both the buyer and seller in the off-market transaction.

In addition to the 9020 Biscayne acquisition, Tricera and LNDMRK are collaborating on several investments and developments including partnering with Related Group to develop The Dorsey, a 12-story apartment building with a parking garage and nearly 95,000 square feet of office and retail space in Wynwood. The joint venture acquired the project site, a former Coca Cola plant, in September 2019. Tricera and LNDMRK are also jointly developing a luxury retail project in Miami’s Design District.

Tricera Capital And Merrimac Ventures Close On Society Las Olas Retail Acquisition

Tricera Capital and Merrimac Ventures have acquired the ground-floor retail space within the newly developed Society Las Olas mixed-use project in downtown Fort Lauderdale developed by PMG. The purchase of the prime 301 SW First Ave. space closed on Aug. 27. The venture purchased the retail for $3.8 million, while also acquiring 40 parking spots as part of the transaction.

Society Las Olas is the premier mixed-use project along the revitalized Riverwalk in the heart of downtown Fort Lauderdale. Tricera’s partner, Dev Motwani-led Merrimac Ventures, has been a driving force in the neighborhood’s reemergence. Merrimac acquired the former Las Olas Riverfront complex and brought in PMG to develop Society on a portion of the property before partnering with Tricera to acquire and curate the retail component.

Merrimac also owns the adjacent property and operates the Wharf Fort Lauderdale and Rivertail with Breakwater Hospitality Group. Tricera and Merrimac own a total of ~16,500 square feet of retail at Society, with ~8,500 square feet of prime space still available. Nearly half of the space is already home to numerous first-to-market tenants of national prominence. 

Thompson Hospitality, one of the largest retail food and facilities management companies in the country, is leasing over 6,000 square feet of space that will house the company’s popular Matchbox Restaurant and Big Buns Damn Good Burger Co. After an initial $14 million investment earlier this year, Thompson Hospitality has fully acquired the Matchbox Brand and strategically expanded the concept into emerging markets. Since 2003, the Washington, D.C.-based chain has provided a quintessential neighborhood gathering place for communities.

With 11 locations across the U.S. and more on the way, Matchbox’s menu is centered around fresh, premium ingredients, offering something for everyone, from wood-fired pizzas and mini burgers to simple, yet refined main courses, and a full bar featuring specialty cocktails, local beer and wines from around the globe.

Thompson is also bringing its latest venture, Big Buns Damn Good Burger, to Society. Big Buns is a fun-casual restaurant specializing in burgers, burger bowls, shakes, craft beer and cocktails. The restaurant is inspired by a true love for burgers and beer, and the belief that eating out should feel like a fun backyard party with delicious food, ice-cold drinks and good friends.

Pura Vida Miami, the popular Miami casual health food restaurant, is leasing an ~1,600-square-foot space. Society Las Olas marks the first ever Fort Lauderdale location for Pura Vida, which strives to bring healthy food and a sense of community to each of its South Florida locations.

“Fort Lauderdale continues to offer great opportunities for us to expand our presence in the market,” Tricera Capital Co-Founder and Managing Principal Ben Mandell said. “We are thankful to be able to close this deal mid-pandemic with confidence and plan to continue our efforts in the area.” 

“Bringing these exciting concepts to downtown Fort Lauderdale continues our company – and my family’s – long history of enhancing the city we are fortunate to call home,” Merrimac Ventures President and CEO Dev Motwani said. “The tenants we are securing at Society nicely complement Wharf and Rivertail and will help make this area the focal point of the Riverwalk.”