Tricera Capital, the Miami-based real estate investment firm led by Ben Mandell and Scott Sherman, secured a $50.75 million loan for its pioneering mixed-use project – The Press – in West Palm Beach.
The transaction refinances an existing loan and provides Tricera with the necessary funding to complete the redevelopment of the Palm Beach Post campus. Monroe Capital LLC (“Monroe”) of Chicago is the lender.
The transaction closed on April 15.
Located on more than 11 acres at 2751 S. Dixie Highway, The Press is an adaptive re-use project in which nearly all existing structures are being preserved. It includes a 125,000-square-foot retail component – Shops at the Press – and an adjacent 140,000-square-foot office building branded as Workspaces at the Press.
“We are thrilled to complete this transaction and appreciative of Monroe Capital’s belief in our firm’s most ambitious project to date,” Mandell said. “The tenant mix is coming together nicely, with retailers that will complement the office tenants next door and surrounding neighborhood. The Press is poised to reinvigorate the Dixie Highway corridor.”
“We are excited to partner with Scott, Ben and the Tricera team on this asset. This represents Monroe’s continued interest and appreciation of opportunities in the South Florida real estate market,” said Kyle Asher, Co-Head of Monroe Capital’s Opportunistic Private Credit Group. “Monroe continues to establish and grow its real estate business. While many competitors were impacted by COVID, we identified opportunities and closed our seventh real estate transaction in the last 12 months.”
Ackman-Ziff Real Estate Group Principal Jason Krane and President Simon Ziff arranged the financing on behalf of Tricera. Law firm Polsinelli served as Tricera’s legal representative for the transaction.
The financing comes on the heels of Tricera finalizing a long-term lease with Joseph’s Classic Market to anchor Shops at the Press. Joseph’s, an upscale family-owned Italian specialty market founded in 2005 by New York native and longtime Palm Beach County resident Joseph Acierno, is leasing more than 15,000 square feet.
Tricera also recently completed a lease with retailer Tipsy Salonbar, a South Florida-based high-end beauty salon that will open a new location at Shops at the Press.
Tricera expects to deliver the Joseph’s space in mid-2022. Meanwhile, the firm is nearing completion of the Starbucks outparcel on the project site at the hard corner of Belvedere Road and South Dixie Highway. The Starbucks is scheduled to open to the public in June 2021.
The Press is bringing much-needed retail, offices, entertainment and public art to West Palm Beach while preserving an important piece of the city’s history. The Post’s office building and printing press will remain intact. The project name is a nod to the Post’s legacy at the site.
For Workspaces at the Press, Tricera recently completed an extensive renovation of the existing four-story office building. The Post has signed a new long-term lease and are now occupying 35,000 square feet on the second floor. Cameron Tallon, senior vice president for JLL’s agency leasing team, is handling office leasing on behalf of Tricera.
Other members of the project team include:
- Miami-based General Contractor Red Door Construction, led by Gal Bensaadon
- Architect Everald Colas of St. Petersburg-based Storyn Studio for Architecture
- St. Petersburg-based artist Ya La’ford, a renowned muralist who is creating public art displays on the project’s exterior façade
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