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Tricera Capital, Related Group Announce Schonfeld Strategic Advisors Lease Expansion At Wynwood’s The Dorsey

Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, Alex Karakhanian’s LNDMRK Development and market leader Related Group finalized a lease expansion with New York-based hedge fund Schonfeld Strategic Advisors at the partnership’s Dorsey in the Wynwood neighborhood.

Schonfeld is doubling its office space at the Dorsey, adding a second floor to its previous lease at the mixed-use development. The lease expansion brings the Dorsey’s office component to 100-percent occupancy.

The roughly 18,000-square-foot lease expansion brings Schonfeld’s total Dorsey footprint to about 37,000 square feet. Terms of the lease were not disclosed.

“This is a testament to the quality of not only the Dorsey, but the Wynwood neighborhood as a whole,” Related President Jon Paul Perez said. “Firms like these can go anywhere in South Florida, but Wynwood is at the top of every list. The neighborhood has truly hit its stride and we look forward to continuing to drive its thoughtful growth.”

Tricera, LNDMRK and Related teamed up to develop the Dorsey, with renowned Arquitectonica designing the project. The property includes more than 300 apartments, 78,000 square feet of office, 33,000 square feet of retail and ample parking and open space.

“This is another example of high-profile financial firms showing their commitment to the Miami office market, with Wynwood remaining especially attractive to these firms,” Tricera President/Head of Leasing Dustin Ballard said. “The pandemic-era corporate migration to South Florida continues to take shape, as our region’s office sector keeps outperforming other major U.S. metropolitan areas. Relocation demand is still incredibly high as we begin 2023.”

Randy Abend and Paul Mas of JLL’s New York office and Matthew Goodman, formerly with JLL’s Miami office, represented Schonfeld in the Dorsey lease, while Cameron Tallon, Emily Brais, Eric Groffman and Randy Carballo of CBRE represented ownership.

 

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David Edelstein, Related And Partners Plan Resi Project On Former RedSky Property In Wynwood

David Edelstein’s TriStar Capital, Related Group, Alex Karakhanian’s Lndmrk Development and Tricera Capital paid $26.5 million for a development site where they plan to build a residential project.

Chinese firm Seven Valleys, led by real estate moguls Zhang Xin and Pan Shiyi, sold the nearly 1.3-acre property anchored at 2700 Northwest Second Avenue in Miami’s Wynwood neighborhood. Seven Valleys had been the lender for the property, which previously belonged to RedSky Capital and JZ Capital Partners, whose planned developments never came to fruition.

TriStar and its partners plan to build “well over” 300 residential units on the site, Edelstein told The Real Deal. They could break ground in about 10 months, he said. The venture secured a roughly $20 million loan from Comerica Bank.

Edelstein said the market for new development in Wynwood is “on fire” and that there is very little undeveloped land left.

The development site sold at a loss compared to its $31 million sale to RedSky and JZ in 2016. The previous owner, Wynwood pioneer Goldman Properties, had planned a mixed-use development with 72 residences, 68 hotel rooms, about 11,000 square feet of ground floor retail and 47,000 square feet of offices.

In Wynwood, Related, Karakhanian and Tricera are partnering to develop another project, called the Dorsey Wynwood, at 2801 Northwest Third Avenue. They broke ground earlier this year. The project will have more than 300 rental apartments, commercial space, office space and amenities.

 

Source:  The Real Deal

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Coworking Company Leases Half Of Related Group’s New Wynwood Office Space

Coworking provider Industrious is coming to Miami’s Wynwood neighborhood after signing a lease for space in a building that’s under construction.

Industrious signed a prelease for about 41,000 square feet in the Dorsey – about half of the office space in the building. The 12-story project by The Related Group, Tricera Capital and LNDMRK Development will also have 306 apartments and 33,000 square feet of retail.

The Dorsey broke ground in December at 2801 N.W. Third Ave. and expects be open in 2022.

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Related Scores $88M Construction Loan For Dorsey Project In Wynwood

The Related Group and its partners secured an $87.5 million construction loan for the Dorsey project in Wynwood.

Bank OZK provided the financing for the 12-story mixed-use development planned for Northwest Third Avenue between 28th and 29th streets. Related, Alex Karakhanian’s Lndmrk Development and Tricera Capital are partnering to develop the project.

The Dorsey will include 306 apartments, with a majority between 500 square feet and 620 square feet, with some as small as 400 square feet. The commercial space will be divided into about 33,000 square feet of retail and 78,000 square feet of office. The project will also run along a planned woonerf, a Dutch-inspired pedestrian-friendly street. The Related joint venture secured approval for the project from the Miami Urban Development Review Board in late 2019. Arquitectonica is the architect.

Monthly rents are expected to range between $1,800 and $3,900. Amenities will include a gym with a yoga studio and spa, a courtyard, recreation area for pets and a garage, according to a spokesperson.

Karakhanian said the building is expected to be delivered in about 20 months. Construction began this month.

Weck 29 LLC paid $32 million for the assemblage in September 2019. Affiliated companies secured the loan.

Related has been active in Wynwood, where Jon Paul Pérez, newly minted president of the firm, has taken the helm.

 

Source:  The Real Deal

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