Tricera Capital Obtains $50.8M Loan for Adaptive Reuse Development in West Palm Beach
WEST PALM BEACH, FLA. — Tricera Capital, a Miami-based real estate investment firm led by Ben Mandell and Scott Sherman, has obtained a $50.8 million loan for The Press, a mixed-use project 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.
Jason Krane and Simon Ziff of Ackman-Ziff Real Estate Group arranged the financing on behalf of Tricera through Chicago-based Monroe Capital LLC. Law firm Polsinelli served as Tricera’s legal representative for the transaction.
Located on more than 11 acres at 2751 S. Dixie Highway, The Press is an adaptive reuse project in which nearly all existing structures are being preserved. The property includes a 125,000-square-foot retail component known as the Shops at the Press and an adjacent 140,000-square-foot office building branded as Workspaces at the Press.
Tricera finalized a long-term lease with Joseph’s Classic Market to anchor Shops at the Press, and the company expects to deliver the Joseph’s space by summer 2022. Joseph’s, a family-owned Italian specialty market founded in 2005, is leasing more than 15,000 square feet. Tricera also completed a lease with retailer Tipsy Salonbar, a South Florida-based beauty salon that will open a new location at Shops at the Press. The developer is nearing completion of a Starbucks outparcel at the corner of Belvedere Road and South Dixie Highway. The Starbucks is scheduled to open in June.
Cameron Tallon of JLL’s agency leasing team is handling office leasing on behalf of Tricera. Miami-based Red Door Construction, led by Gal Bensaadon, was the general contractor. Everald Colas of St. Petersburg, Fla.-based Storyn Studio was the architect.