Inside PROFILEconnect 'A Night at The Museum' Real Estate Impact Conference at the Coral Gables Museum

On April 11, 2024, PROFILEmiami hosted PROFILEconnect: A Night at the Museum, the inaugural annual real estate impact conference bringing 3 panels and PROFILEmiami’s highly-regarded Bespoke Real Estate Networking to the iconic Coral Gables Art Museum. PROFILEmiami teamed up with ONEsir, Constellation Group, MG Developer, Banesco and Contempo Space to host a sophisticated afternoon exploring real estate markets, design and development; followed by bespoke networking and enjoying cocktails by E11EVEN Vodka with some of the largest and most active real estate developers, investors and brokers in Miami.

The event was kicked off by a VIP Lunch hosted by Diego Torrealba of MG Developer at Coral Gables hot-spot Zucca. VIP guests enjoyed a chef’s menu alongside active Coral Gables’ developers Eduardo Otaola of Constellation Group, Alirio Torrealba of MG Developer and Diego Torrealba of MG Developer.

Following the lunch attendees gathered at the Coral Gables Museum for the Women in Real Estate Panel, the first of three panels kicking off the speaking component of the event. Vanessa Stabile of ONEsir, Cassie Resnick of Mast Capital, Alicia Lamadrid Paysse of Cervera Real Estate, Katya Demina of PROFILEmiami and Amelia Rodriguez of Banesco discussed how they have navigated their careers as women in the male dominated real estate world. They also discussed how the city has evolved and how they have taken advantage of the growing real estate market to stand apart and advance their careers.

The women’s panel was followed by the Coral Gables Design and Development Panel, which featured Eduardo Otaola of Constellation Group, Diego Torrealba of MG Developer, Raymond Fort of Arquitectonica, Scott Sherman of Torose Equities and Scott Wadler of Berkadia discussed how Coral Gables Mediterranean revival architectural requirements impact development and the valuation of real estate in ‘The City Beautiful.’ Developers Diego Torrealba and Eduardo Otaola touched on how they worked with the Coral Gables design codes to plan projects that enhance the quality of the community while Scott Wadler discussed the differences between Build to Rent vs Build to Sell. Scott Sherman also discussed how companies such as Apple are moving into Coral Gables and bringing their high-paying employees, pushing both residential and commercial rent rates higher.

The afternoon was capped off with The Legends Panel, featuring Edgardo Defortuna of Fortune International Group, Bernardo Forte Brescia of Arquitectonica and Carlos Rosso of Rosso Development. The trio had all previously worked on projects together and discussed their experiences developing the city into the world-class metropolis it is today including projects such as The Ritz-Carlton Residences, Sunny Isles Beach and Miami’s Paraiso District. They also discussed how a quality design and understanding of the buyer is so important to development and the success of a project. They also discussed how they started their own companies and took their brands global. The legends also gave insight on how their was opportunity for aspiring developers to team up with established developers to learn from them before undertaking projects on their own.

Following panels guests gathered outside on the museum veranda for Bespoke Networking and Sunset Cocktails featuring bites from Zucca and cocktails by E11EVEN Vodka. Guests got to network with the panelists as well as other real estate heavyweights such as Alirio Torrealba of MG Developer, Nelson Stabile of Integra Investments, Rainer Viete of Vietmar, Daniel de la Vega of ONEsir, Jose Boschetti of Boschetti Group and Michael Hamaoui of Pagani Residences.

Part of PROFILEmiami’s highly-regarded PROFILEconnect bespoke networking event series, the event brings together Miami’s real estate industry and business professionals to network and connect outside of a traditional business setting. Guests will have the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders as they discuss the industry’s most pressing topics.

Torose Equities, LNDMRK Development and Terranova Corporation Acquire 255 Alhambra Class-A Office In Coral Gables

A partnership among Miami-based real estate investment firms Torose Equities, Lndmrk Development and Terranova Corporation has acquired 255 Alhambra, an approximately 220,000-square-foot Class A office building in downtown Coral Gables. The acquisition gives the JV access to one of Miami’s most sought-after office submarkets.

255 Alhambra, located on 1.3 acres on Alhambra Circle, offers top-notch amenities, including floor-to-ceiling windows, a newly renovated lobby and proximity to Coral Gables’ best restaurants and entertainment. The seller was an affiliate of Deutsche Bank/RREEF. The JV partners plan to further amenitize the property, building on the recent improvements and capitalizing on the demand for Class A office space in Coral Gables.

“It is rare to find an institutional-grade property like this strategically located in a high-barrier-to-entry submarket with so much upside potential,” said Scott Sherman, founder and principal of Torose Equities. “This property is positioned to generate strong returns with stable in-place cash flow. Our contrarian approach of buying office and retail spaces when everybody is being extremely cautious has once again enabled us to find strong value in an asset class and market we’re very bullish on.”

The JV partners expect to see strong demand for office space in Coral Gables in the coming months and years, as leases in more expensive office submarkets begin to expire. Rental rates in markets like Brickell, downtown Miami and Coconut Grove have increased significantly since the onset of the pandemic, making lease renewals unaffordable to some companies. Case in point: between Brickell and downtown Miami, approximately 1.9 million square feet of tenant leases are scheduled to expire over the next four years. On top of that, companies from outside the region continue to move to Miami in pursuit of a more business-friendly environment. The influx of tenants seeking to take advantage of Coral Gables’ discounted rents will, in turn, fuel rents in 255 Alhambra.

“Terranova has long seen the growth potential for Coral Gables, and we are thrilled to continue to invest in the community through the office building acquisition at 255 Alhambra Circle,” said Stephen Bittel, founder and chairman of Terranova Corporation. “We enjoy working alongside the Torose Equities team and aligning on our understanding that Coral Gables is in the midst of an incredible commercial and office real estate boom. The area offers companies a holistic business and lifestyle opportunity which serves as an extremely attractive alternate to traditional hot commercial real estate markets like Brickell and Downtown Miami.”

As the largest property owner along Miracle Mile, Terranova has a strong, active presence in Coral Gables. The company’s retail expertise will play a significant role in bringing top retail tenants to activate the building’s ground-floor retail space.

Together, Torose, Lndmrk and Terranova will execute the business plan for 255 Alhambra. The JV will leverage its extensive experience in leasing and operating office assets to lease up the existing vacancy and upgrade the building amenities.

"Coral Gables is a market with a great deal of untapped potential, and this acquisition is a tremendous opportunity for the partnership," said Alex Karakhanian, founder and principal of LNDMRK Development. "I look forward to continuing to grow our relationship with Torose and Terranova as we explore other opportunities for acquisition and repositioning in this bourgeoning submarket.”

Downtown Coral Gables is one of South Florida’s most pedestrian-friendly neighborhoods with the ideal environment to live, work, eat and shop all in one place. 255 Alhambra is a block away from Giralda Avenue, home to “Restaurant Row” with 22 food and beverage establishments all concentrated in the portion of the street closed to traffic. The building is also about four blocks north of Miracle Mile, a premiere destination for shopping, dining, and entertainment.

This acquisition comes shortly after Torose’s first office acquisition of 6302 Corporate Center in partnership with Merrimac Ventures in Tampa and its recap of a 300,000-square-foot office building in Midtown Atlanta, called The Peachtree, with Banyan Street Capital. Torose remains bullish on select office and retail markets as it continues to employ its contrarian approach to investing.

Images via Torose Equities

Inside PROFILEconnect: The Evolution Of Wynwood From Arts District To Vibrant Global Tech Hub

On Tuesday, April 25th, PROFILEmiami teamed up with Oasis Wynwood, E11EVEN Vodka, Oak Row Equities, Kobi Karp, Torose Equities, Morabito Properties and Brick & Timber Collective to host PROFILEconnect: The Evolution of Wynwood From Arts District to Vibrant Global Tech Hub. PROFILEconnect is PROFILEmiami’s high-end bespoke networking event series, bringing together Miami’s real estate and business leaders for an evening soirée of networking and cocktails, while hearing from the top developers and investors transforming Wynwood into a vibrant, global tech and business hub. Guests enjoyed cocktails by E11EVEN Vodka, and beats by Miami-based DJ DAKAP, sustainable water by KOPU Water, as well as sushi and churros by Sushi OG, Papi Churro and Miss Crispy Rice.

The panel was led by legendary Wynwood-based architect Kobi Karp and featured Erik Rutter, the developer of Oasis Wynwood and The Wynwood Plaza; Scott Sherman, co-developer of The Dorsey Wynwood and an active Wynwood investor; Valerio Morabito, developer of the mixed-use office development Wyncatcher; and Jesse Feldman, Managing Partner of the San Francisco-based Brick & Timber Collective who has invested over $100 million into the Wynwood office market and is a leading tech unicorn and VC landlord. The evening was hosted by PROFILEmiami Co-Founders Demetri Demascus and Katya Demina with Erik Rutter and David Weitz of Oak Row Equities.

The evening was attended by an exclusive group of top real estate industry leaders and executives including Michael Comras, Miguel Pinto, Kobi Karp, Nancy Karp, Jordan Karp, Cullen Mahoney, Scott Sherman, David Eyzenberg, Valerio Morabito, Erik Rutter, David Weitz and Jesse Feldman, amongst others. Guests had the opportunity to network and share their experiences developing and investing in South Florida through thoughtful discourse, while forging new relationships with senior executives.

The event was sponsored by E11EVEN Vodka, KOPU Water, Eyzenberg & Co., Cosentino, Odyssey Retail Advisors, Disruptive Real Estate, Colliers and University of Miami Herbert Business School.

PROFILEconnect brings together Miami’s real estate industry and business professionals to network and connect outside of a business setting and is attended by Miami’s top investors, developers, business professionals, brokers, financiers, architects and designers. Guests had the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders. Stay tuned for more information on the next editions of PROFILEconnect in the works, “Hospitality in Real Estate” and “Branded Residences”.

Why Wynwood?

To escape high rents, many companies are relocating to Class A buildings in Downtown Miami and Wynwood. These buildings accounted for 44% of the entire market’s absorption in the first quarter of 2022. Wynwood has dominated new development in office product over the past two years.

Tenants relocating to these submarkets are looking for buildings with Class A amenities, such as conferencing facilities, fitness centers (with showers), cafés or restaurants and updated finishes in the common areas. Proximity to restaurants and shopping, as well as easy access to Interstate 95, and other lifestyle considerations are also important factors.

Panelists

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FUTURE EVENT SPONSORSHIP

Would your brand like to generate exposure and connect directly with the attendees at PROFILEconnect? PROFILEmiami provides the opportunity via a selection of Sponsorship Packages. Contact us today to inquire about future event Sponsorship Opportunities.

You can find more information on event sponsorship here:

PROFILEconnect: The Evolution Of Wynwood From Arts District To Vibrant Global Tech Hub

PROFILEmiami and Oak Row Equities are pleased to present the next installment of PROFILEmiami’s highly-anticipated PROFILEconnect bespoke networking event series. PROFILE has teamed up with Oasis Wynwood, Oak Row Equities, Torose Equities and Brick & Timber Collective to host an evening soirée of networking and cocktails, while hearing from the top developers and leaders transforming Wynwood.

Immerse yourself in the pulse of Wynwood at one of the Art Districts’s hottest indoor/ outdoor entertainment venues while enjoying signature cocktails by E11EVEN Vodka and bespoke networking before listening to an engaging panel discussing the evolution of one of Miami’s hottest growing neighborhoods from a vibrant Arts District into a global tech hub.

The relaxed and open setting provides an amazing opportunity to network with Miami’s top industry leaders and market makers, highlighted by Keynote Speakers Erik Rutter, the developer of Oasis Wynwood and The Wynwood Plaza; Scott Sherman, co-developer of The Dorsey Wynwood and an active Wynwood investor; Valerio Morabito, developer of the mixed-use office development Wyncatcher; Jesse Feldman, Managing Partner of the San Francisco-based Brick & Timber Collective who has invested over $100 million into the Wynwood office market and is a leading tech unicorn and VC landlord; moderated by legendary Wynwood-based architect Kobi Karp.

PROFILEconnect brings together Miami’s real estate industry and business professionals to network and connect outside of a business setting. PROFILEconnect is attended by Miami’s top investors, developers, business professionals, brokers, financiers, architects and designers. Guests will have the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders.

Why Wynwood?

To escape high rents, many companies are relocating to Class A buildings in Downtown Miami and Wynwood. These buildings accounted for 44% of the entire market’s absorption in the first quarter of 2022. Wynwood has dominated new development in office product over the past two years.

Tenants relocating to these submarkets are looking for buildings with Class A amenities, such as conferencing facilities, fitness centers (with showers), cafés or restaurants and updated finishes in the common areas. Proximity to restaurants and shopping, as well as easy access to Interstate 95, and other lifestyle considerations are also important factors.

Space is limited due to venue constraints, so buy your tickets soon before they sell out.

Who Should Attend: Developers, Investors, Brokers, Lenders, Architects, Lawyers, Designers, Wealth Managers, Financial Planners, CPAs and other Business Professionals.

Date: April 25, 2023 | 6 - 9 PM

Where: Oasis Wynwood

Tickets: $125 [Includes admission & top shelf open bar powered by E11EVEN Vodka & Kopu Water]

Panelists:

• Erik Rutter, Managing Partner of Oak Row Equities

• Scott Sherman, Managing Partner of Torose Equities

• Valerio Morabito, CEO of Morabito Properties

• Jesse Feldman, Managing Partner of Brick & Timber Collective

• Moderator: Kobi Karp, Kobi Karp Architecture & Interior Design

SPEAKERS

Moderator:

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Hosts & Sponsors

Hosts:

Sponsors:

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EVENT SPONSORSHIP

Would your brand like to generate exposure and connect directly with the attendees at PROFILEconnect? PROFILEmiami provides the opportunity via a selection of Sponsorship Packages. Contact us today to inquire about Sponsorship Opportunities.

You can find more information on event sponsorship here:

Inside PROFILEconnect: The Evolution of Downtown Miami Into a Global Cultural And Business Hub

On Tuesday, November 15th, PROFILEmiami teamed up with PARAMOUNT Miami Worldcenter, Royal Palm Companies, PMG and E11EVEN Partners to host PROFILEconnect: The Evolution of Downtown Miami into a Global Cultural and Business Hub. PROFILEconnect is PROFILEmiami’s high-end bespoke networking event series, bringing together Miami’s real estate and business leaders for an evening soirée of networking and cocktails, while hearing from the top developers transforming Downtown Miami into a global cultural and business hub. Guests enjoyed cocktails by E11EVEN Vodka as well as juice and bites by Pura Vida while they heard from a panel including Michael Simkins of E11EVEN Partners, RPC CEO Dan Kodsi, PMG Managing Partner Dan Kaplan and moderated by legendary architect Kobi Karp. The evening was hosted by PROFILEmiami Co-Founders Demetri Demascus and Katya Demina, CEO of RPC Dan Kodsi and Michael Simkins of E11EVEN Partners.

The evening was attended by an exclusive group of top real estate industry leaders and executives including Michael Simkins, Dan Kodsi, Kobi Karp, Nancy Karp, Dan Kaplan, Patrick Lee, Scott Sherman, David Eyzenberg and Eva Garzon, amongst others. Guests had the opportunity to network and share their experiences developing and building in South Florida through thoughtful discourse, while forging new relationships with senior executives.

The event was sponsored by Eyzenberg & Co., Shorecrest Construction, KOPU Water, Artefacto, ALTARA Properties, University of Miami Herbert Business School, Torose Equities, Master Brokers Forum, Galium Capital, Lionheart Strategic Management, Finvarb Group and The Allen Morris Company.

PROFILEconnect brings together Miami’s real estate industry and business professionals to network and connect outside of a business setting and is attended by Miami’s top investors, developers, business professionals, brokers, financiers, architects and designers. Guests had the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders. The third edition of PROFILEconnect is being organized for Q1 2022.

Brick & Timber Collective Acquires Wynwood Office Building Cube Wynwd For $62 Million

Brick & Timber Collective has acquired Cube Wynwd, an office building in Miami’s hot Wynwood neighborhood, from Tricera Capital and Alex Karakhanian’s LNDMRK Development for $62 million. The transaction closed on December 13 and Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000 SF office building, which includes ground-floor retail, rooftop space and parking, for $28 million in an April 2021 off-market deal. Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.

Berkadia’s Scott Wadler and Mike Basinski secured a $36.18 million loan on behalf of the buyer Brick & Timber Collective. This is the second time in 20 months the property has traded and been capitalized by Berkadia. The Berkadia team also lined up $27.5 million in senior and mezzanine financing when Tricera Capital and LNDMRK acquired the property in April of 2021. JP Morgan provided the balance sheet $36.2 million five-year fixed-rate loan with full term interest only.

The Tricera Capital and LNDMRK Development partnership acquired Cube Wynwd in 2021 from Red Sky Capital when Scott Sherman was still with firm. Sherman has since left and founded Torose Equities. The Class A office building was developed in 2019 by Redsky Capital in partnership with JZ Capital Partners and was financed by Bank OZK and Lionheart Strategic Management.

“We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Tricera Chief Financial Officer Christian Ramirez said. “This investment underscores the depth and versatility of Tricera 2.0, as we tapped into our robust acquisitions and asset management divisions, top-tier leasing professionals, team members with development experience and real estate finance experts. We look forward to replicating the model at our many other investments and developments.”

Prior to completing the disposition, the Tricera and LNDMRK partnership finalized a five-year lease with Boston’s Northeastern University to occupy the 10,976 SF fifth floor of the 222 NW 24th St. building. Northeastern plans to operate a brand-new graduate degree program tailored to working professionals in Miami’s rapidly growing fintech industry.

The Northeastern deal maintains Cube’s 100% leased status, as investment firm Schonfeld Strategic Advisors is set to relocate from Cube to The Dorsey, a Wynwood mixed-use building Tricera and LNDMRK partnered with The Related Group to develop. Schonfeld is expected to move to The Dorsey in early 2023.

“Northeastern’s lease at Cube is yet another example of where Wynwood’s office market is headed and reinforces the building’s incredible tenant mix,” Tricera President/Head of Leasing Dustin Ballard said. “It is exciting that local fintech professionals will have an opportunity to pursue a graduate degree from a renowned university. That will help take the fintech sector – and the City of Miami – to build upon the accomplishments and growth of the past few years.”

CBRE’s Eric Groffman, Cameron Tallon, Emily Brais and Randy Carballo served as landlord representatives in the Northeastern lease. Colliers International South Florida Stephen Rutchik and Tyler de la Peña and Colliers International Greater Boston’s John Carroll represented the tenant.

Additional Cube tenants include Blockchain.com, Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.

Image via Richard Novak

Scott Sherman Launches Real Estate Investment Firm Torose Equities

Seasoned real estate veteran Scott Sherman has launched Torose Equities, a Miami-based real estate investment firm with a value-add urban retail, office and mixed-use strategy targeting the Southeastern United States.

Torose will be Sherman’s newest venture after successfully launching Miami-based Tricera Capital in 2017 and growing the company to become a household name and key player in major Florida markets. In just five years, Sherman spearheaded the acquisition of 30+ commercial assets totaling $700 million and more than 2.5 million square feet.

Sherman brings with him the former investment arm of Tricera Capital to lead Torose. Ari Sasson serves as Torose’s Chief Financial Officer and Aaron Kay as Director of Acquisitions.

“We are excited to continue to build on the chemistry and momentum we established as a team over the past five years,” said Torose Founder & Principal Scott Sherman. “Our investment strategy at Torose will be familiar to our investment partners. Now more than ever before, Torose’s contrarian approach to real estate investment and development will benefit from the current economic environment.”

Similar to Sherman launching Tricera Capital during the height of the “retail apocalypse,” Torose’s founding team saw the perfect window of opportunity to start another investment firm focused on value-add opportunities amid rising interest rates and growing uncertainty in the real estate market. The team has wasted no time, with properties already under contract that are expected to close by the end of the year.

Some of the team’s most high-profile acquisitions in the past five years include the former Palm Beach Post site in West Palm Beach; Cube Wynwood office building; Offices at Atria in Downtown Sarasota; and a portfolio of properties in Downtown St. Petersburg. The team is also partnered on several notable mixed-use developments including The Dorsey in Wynwood in a JV with Related and Alex Karakhanian; and The Boulevard in a JV with 13th Floor Investments.

The Torose team will continue to target assets ranging from $10 million to over $100 million in core markets in the Southeastern U.S., including Miami, West Palm Beach, Fort Lauderdale, Tampa, St. Petersburg, Sarasota, Nashville, Raleigh-Durham, and Atlanta.

Prior to launching Torose Equities, Sherman served as Managing Partner of Tricera Capital, and was Vice President of Acquisitions at Thor Equities, where he completed in excess of $2 Billion of closed deals. Before joining Thor, Scott was the Director of acquisitions at Becker Brothers.

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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