Tricera Capital, the Miami-based commercial real estate firm with a vast portfolio across the Southeast U.S., secured a strong bookend anchor tenant for the retail component of its pioneering mixed-use project – The Press – in West Palm Beach. Amped Fitness, a dynamic fitness retailer that is rapidly growing its South Florida presence, is leasing 35,900 square feet at Shops at the Press.
Amped Fitness will serve as the western anchor at the ~120,000-square-foot Shops at the Press, with Joseph’s Classic Market anchoring the eastern portion and set to open this November.
Blending in-person high-intensity interval training (HIIT) and personal training with virtual workout programs, Amped Fitness is quickly gaining a substantial following. Shops at the Press will be its 10th location in Florida and first in Palm Beach County, according to the company’s website.
The Press also includes the ~136,000-square-foot Workspaces at the Press office building. Tricera is redeveloping the former Palm Beach Post campus in a creative example of adaptive re-use.
“Amped Fitness is a great complement to the other health and wellness at the project, and will strengthen the overall retail mix at Shops at the Press,” Tricera’s Managing Partner, CEO Ben Mandell said. “Our team is strategically curating and building a tenant roster to serve as area amenities for the many residents, professionals, and visitors.”
Tricera’s in-house retail leasing team, led by Executive Vice President | Head of Retail Leasing Jennifer Houston, arranged the Amped Fitness lease.
In July 2022, Tricera announced additional retail and office leases that account for a combined total of more than 68,000 rentable square feet. Those tenants include Salons by JC, Calico, Restore Hyper Wellness and Raw Jūce at Shops at the Press, and SROA Capital, and Knotel at Workspaces at the Press.
Around the same time, Tricera obtained a $19 million loan upsizing from Monroe Capital LLC of Chicago. Those funds are being used for tenant and site improvements and to continue the buildout of the individual retail and office spaces.
Located on more than 11 acres along the South Dixie corridor of downtown West Palm Beach, The Press is a shining demonstration of Tricera’s fully integrated platform’s core strength. The firm found a way to modernize the asset while still maintaining the site’s integrity; paying homage to an important piece of the city’s history. Nearly all existing structures are being preserved.
Earlier this month, Mandell was a featured speaker at Bisnow’s Palm Beach County State of the Market event. He discussed The Press, Tricera’s other major holdings in the county including One Clearlake and 1675 Midtown, and the influx of domestic and corporate migration into the county.
The Press also includes a Starbucks, which opened in June 2021 and has upscale features and a drive thru.
Other members of the project team include:
- Miami-based Red Door Construction, led by Gal Bensaadon
- St. Petersburg-based Storyn Studio for Architecture, led by Everald Colas
- St. Petersburg-based Ya La’ford, a renowned muralist who is creating public art displays on the project’s exterior façade
For more information, visit www.triceracap.com.
About Tricera Capital: Miami-based Tricera Capital is a real estate investment firm focused on value-add, urban retail, office and mixed-use investments and developments throughout the United States. Since launching in 2017, Tricera has leveraged its institutional real estate experience, relationships and entrepreneurial spirit to create off-market opportunities and quickly amass a portfolio in select target markets. The team of seasoned real estate professionals with a deep track record of success in deal sourcing, leasing, acquisitions, syndication and overall execution. The talent and experience enables Tricera Capital to consistently perform and deliver superior returns to investors. For more information, visit www.triceracap.com.
