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.

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

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%.

To be connected to a licensed commercial real estate broker in our broker network for more information about commercial sales, leasing or availability/ pricing please fill out the form below:

Power Dinner Council: Design And Development Presented by PROFILEmiami and Kobi Karp

On Wednesday, June 23rd, PROFILEmiami hosted Power Dinner Council: Design and Development, an intimate, invite-only omakase dinner bringing together some of South Florida’s leading real estate developers, architects, builders, investors and designers. The evening was hosted by PROFILEmiami Co-Founders Katya Demina and Demetri Demascus and Kobi Karp Architecture & Interior Design Principals Kobi and Nancy Karp.

The evening was attended by an exclusive group of top real estate industry leaders and executives including Kobi Karp, Louis Birdman, Dan Kodsi, Taylor Collins, Allen Morris, Scott Sherman, Avra Jain, Kevin Venger and Ronny Finvarb, 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.

Guests enjoyed an omakase dinner curated by Chef Amir Anvari of Omakase Direct in a unique, architecture studio transformed private restaurant setting. Guests left with signed Assouline Kobi Karp books, kobi Karp backpacks and gear.

PROFILE's Power Dinner Council is where compelling minds connect to leverage their influence and grow their businesses through shared thought leadership and authentic conversation - the impact of which extends far beyond the evening. Our goal is to provide leaders with related business interests to meet and interact in an intimate, high-end, and unique setting.

The event was also covered by World Red Eye.

Imagery via World Red Eye

PROFILE Exclusive Podcast Season 1 Episode 3 Featuring Scott Sherman of Tricera Capital

Season 1 Episode 3 of the PROFILE Exclusive Podcast by PROFILEmiami features Scott Sherman, co-founder and Managing Partner of Tricera Capital, which he founded with Ben Mandell in 2017. Based in Miami, FL, Tricera Capital is a private equity real estate investment firm focused on value-add, urban retail investments within the United States. Tricera has acquired over 25 retail and mixed-use assets totaling roughly 1.7 million SF, with roughly $200 million assets under management.

Tricera Capital is currently developing The Dorsey in Wynwood, in partnership with Related Group and LNDMRK Development, as well as redeveloping the former Palm Beach Post campus into The Press, a mixed-use office and retail property in West Palm Beach. Other current developments include Soleste Cityline Apartments, Paseo Miami and 4112 NE 1st Ave. in Miami Design District. Tricera Capital also recently acquired The Cube in Wynwood as well as the Las Olas Riverfront.

As Managing Partner of Tricera, Scott is responsible for strategic direction, sourcing investment opportunities, capital markets and operations for the firm. Previous to launching Tricera, Scott was Vice President of Acquisitions at Thor Equities, where he completed in excess of $2 Billion of closed deals. Prior to Thor, Scott was the Director of acquisitions at Becker Brothers.

The PROFILE Exclusive Podcast by PROFILEmiami, the leader in South Florida residential and commercial real estate news and content, profiles and gets intimate with the movers and shakers in the South Florida real estate industry. Throughout the series we will interview and get inside the minds of South Florida's top developers, investors, brokers, architects, designers, etc. The PROFILE Exclusive Podcast is hosted by Demetri Demascus Co-Founder of PROFILEmiami and Director of Business Development at private equity group Galium Capital as well as Katya Demina, Co-Founder of PROFILEmiami and Development Associate at development firm Royal Palm Companies.

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.

For more information about commercial leasing at Cube Wynwd, private showings or availability/ pricing information please fill out the form below:

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.