Tricera Capital Signs 68,000 SF Of Retail And Office Leases At The Press, Upsizes Loan

Tricera Capital, the Miami-based commercial real estate firm with a vast portfolio across the Southeast U.S., completed a substantial refinancing and secured numerous exciting leases at its pioneering mixed-use project – The Press – in West Palm Beach.

The new retail and office leases account for a combined total of more than 68,000 rentable square feet.

The refinancing, which closed on July 29, adds $19 million to Tricera’s existing loan with Monroe Capital LLC of Chicago. Tricera plans to use the additional funds for tenant and site improvements and to continue the buildout of the ±120,000-square-foot Shops at the Press and the ±136,000-square-foot Workspaces at the Press.

Recently signed leases at the Shops at The Press include: Salons by JC – an upscale, premier salon suites company that leased ~10,400 square feet, Calico – an Interior design, custom furnishings and fabric retailer that leased ±3,200 square feet, Restore Hyper Wellness – a cryotherapy and wellness solutions provider that leased ±2,700 square feet, and Raw Jūce – a popular organic, plant-based food and cold juice restaurant that leased ±1,700 square feet.

Tricera is scheduled to deliver possession to its tenants by Q4 2022, including Joseph’s Classic Market, who is scheduled to open later this year.

Recently signed leases at Workspaces at the Press include: SROA Capital – a self-storage real estate investment firm that leased ~25,900 square feet, Knotel – the global flexible office platform that leased 18,000 square feet, and Blue Sky Financial – a mortgage brokerage firm that finalized a ~5,200-square-foot lease renewal and relocation within the office building

“We are proud of the successful execution to date,” Tricera Managing Partner and CEO Ben Mandell said. “The product offering will fill a void for high-quality retail and office along the South Dixie corridor. The Tricera team also would like to thank Monroe Capital for its continued belief in our ambitious project.”

Jason Krane of Ackman-Ziff Real Estate Group arranged the financing transaction.

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.

The Press also includes a newly constructed 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

 

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