Tricera Capital and Merrimac Ventures completed the $17 million sale of the ground-floor retail space within the Society Las Olas mixed-use project in downtown Fort Lauderdale.
The successful transaction represents another example of Tricera’s unparalleled track record of forward-purchasing and activating the ground-floor space of large-scale urban core projects.
The venture closed the sale of the prime 301 SW First Ave. space on Feb. 18. PMG-Greybrook Riverfront LLC is the buyer.
Tricera and Merrimac closed the acquisition of the ±16,500 square feet of retail and restaurant space in August 2020 – early in the pandemic. The venture had already leased half the space to first-to-market tenants of national prominence before closing the purchase and ultimately bringing it to 100% occupancy within a few months.
“We are proud of our role in curating the retail component of this important project for downtown Fort Lauderdale and the Riverwalk neighborhood,” Tricera Capital Co-Founder and Managing Principal Ben Mandell said. “Our team executed these leases during a particularly challenging point of the pandemic and brought exciting new concepts to the neighborhood.”
Society Las Olas is the premier mixed-use project along the revitalized Riverwalk. Tricera’s partner, Dev Motwani-led Merrimac Ventures, has been a driving force in the neighborhood’s reemergence. Merrimac acquired the former Las Olas Riverfront complex and brought in PMG to develop Society on a portion of the property before partnering with Tricera to acquire and activate the retail component.
Merrimac also owns the adjacent property and operates the Wharf Fort Lauderdale and Rivertail with Breakwater Hospitality Group.
The ground-floor space is occupied by Thompson Hospitality, which operates two of the company’s popular concepts in separate units: Matchbox Restaurant and Big Buns Damn Good Burger Co. Other tenants include casual health food restaurant Pura Vida’s first Fort Lauderdale location and New Jersey-based gastropub Asbury Ale House.
“Downtown Fort Lauderdale and its surrounding neighborhoods have experienced tremendous growth in recent years,” Tricera Co-Founder and Managing Principal Scott Sherman said. “We still see potential for further urban core expansion and continue to target new opportunities in the city.”
Douglas Mandel and Tyler Kuhlman of Marcus & Millichap represented Tricera and Merrimac in the sale. Law firm Polsinelli served as Tricera’s legal representative for the transaction.
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