Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, LNDMRK Development led by Alex Karakhanian, and Lion Development Group led by Michael Simkins, 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 Markets Group 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 May 3.
“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 attract 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 ~1,300 square feet.
Jason Krane with Ackman Ziff helped source Seacoast Bank, the senior lender that financed the deal.
About Tricera Capital: Miami-based Tricera Capital is a commercial real estate owner and developer 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.
