Tricera and Merrimac are forward-purchasing over 13,700 square feet of ground-floor retail and restaurant space. Native Realty is representing Tricera in leasing the remaining retail and restaurant space at Soleste Seaside.
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.
The buyer of the assemblage plans to develop a large-scale, Class A multifamily project on the site.
The purchase price was $35.02 million, in excess of $375 per square foot of leasable space.
Tricera and Merrimac closed the acquisition of the ±16,500 square feet of retail and restaurant space in August 2020
Hernandez Development , along with development partners Stiles, Merrimac Ventures and JL Capital and Management, have recently completed the 130,852-square-foot self-storage facility with ground floor retail in Fort Lauderdale.