Tricera Expands Into Third-Party CRE Property Management After JV With Jaime Sturgis-Led Company

Tricera Capital, the Miami-based commercial real estate investment firm led by Ben Mandell, is expanding its commercial property management platform.

Now offering third-party service through its Tricera Management vehicle. The full-service firm is poised for significant growth by providing a suite of management, accounting and related services for commercial real estate assets throughout Florida and the Southeast U.S.

Previously, Tricera Management focused on managing Tricera Capital’s substantial portfolio of more than 35 office, retail and mixed-use assets. A newly finalized merger with Native Management marks Tricera Management’s foray into third-party property management. Native Management is an affiliate of prolific Fort Lauderdale-based real estate brokerage Native Realty led by Jaime Sturgis. Native Realty, the real estate brokerage, is not part of the transaction and is an independently owned company.

The new joint venture adds 13 properties totaling ~299,000 square feet to Tricera Management’s portfolio.

Tricera Management plans to pursue similar partnerships going forward, in addition to being hired directly by owners of office and retail properties. Its vertically integrated approach guides clients through all stages of real estate ownership, including property management, maintenance, accounting, budgeting and reporting, project management and risk management.

“We have built an institutional-quality property management platform,” Mandell said. “With Florida experiencing so much investment and development activity, there is a pent-up need for sophisticated management services that maximize returns through a full-cycle approach. We are thrilled to kick off this expansion through our partnership with Native Management.”

Tricera and Native have a long-term relationship dating back to Tricera Capital’s flagship purchase of the Hive and Flagler Uptown buildings in Fort Lauderdale’s Flagler Village nearly five years ago.

“We are proud to have grown Native Management to the point where it would be an ideal partner for Tricera Management’s expansion into third-party services,” Sturgis said. “Our joint venture is well-suited to provide elevated property management services for the many commercial real estate owners we work with.”

Tricera’s executive Andrew Bonner oversees Tricera Management. The firm has a 10-person team and is strategically hiring property management and accounting personnel as the management platform scales up.

“Our near-term focus is on our home bases of South Florida & the Tampa Bay Metropolitan Areas,” Bonner said. “In the coming years, we expect to have a presence across the entire state and select Southeast U.S. markets. Tricera Management has the perfect blueprint cultivated from many years of effectively managing and enhancing our firm’s own assets.”