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Tricera Capital And LNDMRK Development Secure Several Exciting Tenants At Society Wynwood

Society Wynwood_Image Courtesy of Boardroom PR 1170x435

Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and LNDMRK Development completed several leases totaling almost 14,000 square feet at major mixed-use development Society Wynwood.

Newly signed tenants include Starbucks, Chama De Fogo Brazilian Steakhouse and Nacho Daddy.

Starbucks will occupy 2,615 square feet of retail space at Society Wynwood. The Seattle-based coffee giant has a strong presence throughout South Florida, including at Tricera’s Shops at the Press in West Palm Beach.

Chama De Fogo leased 5,522 square feet at Society Wynwood for its second Miami location. The Brazilian steakhouse concept has become extremely popular over the years, and Chama De Fogo prides itself on its authentic gaucho barbecue and high-quality meats. The Society Wynwood location will feature a casual dining restaurant, butcher shop and delicatessen.

The Las Vegas-born Nacho Daddy opened its first store in 2010. Today, the modern Mexican-style restaurant has grown tremendously with six locations nationwide serving gourmet nachos and more. The 5,434-square-foot lease in Society Wynwood will be the restaurant’s seventh and the only one in Florida.

“We are excited to be part of the continued growth of Wynwood and bring compelling tenants such as Starbucks, Chama De Fogo and Nacho Daddy to this project,” said Tricera President | Head of Leasing Dustin Ballard. “Society Wynwood will add to the elevated ecosystem of restaurants, retail and living experiences the eclectic art district offers its residents and guests.”

Irma Figueroa, Andrew Rosenberg and Max Gelband with Comras Company are Tricera and LNDMRK’s leasing representatives at Society Wynwood.

Elizabeth Higgins, Marty Arrivo and Aracibo Quintana of Acre represented Starbucks in its lease. Elizabeth Hazan of Byblos Hospitality Holdings was a consultant for Chama De Fogo. Jenny Geffen and Dave Preston with Colliers represented Nacho Daddy.

In partnership with Society Wynwood developers PMG and Greybrook Realty Partners, Tricera and LNDMRK are forward-purchasing over 32,000 square feet of ground floor retail at the project. The 2431 NW Second Ave. development is conveniently located in the center of the Wynwood Art District, within walking distance of many new developments and retail shops. Along with the ground-floor retail, Society Wynwood has almost 300 modern residential units and a private parking garage, making it the area’s premier new development.

 

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Cube Wynwd Trades For $62 Million

Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and Alex Karakanhian’s LNDMRK Development closed the $62 million sale of the Cube Wynwd office building in Miami’s popular Wynwood neighborhood.

The sale to Brick & Timber Collective closed on Dec. 13. As part of the transaction, Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000-square-foot office building, which includes ground-floor retail, rooftop space and parking, for $28 million in an April 2021 off-market deal.

“We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Tricera Chief Financial Officer Christian Ramirez said. “This investment underscores the depth and versatility of Tricera 2.0, as we tapped into our robust acquisitions and asset management divisions, top-tier leasing professionals, team members with development experience and real estate finance experts. We look forward to replicating the model at our many other investments and developments.”

Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.

Prior to completing the disposition, Tricera finalized a five-year lease with Boston’s Northeastern University to occupy the 10,976-square-foot fifth floor of the 222 NW 24th St. building. Northeastern plans to operate a brand-new graduate degree program tailored to working professionals in Miami’s rapidly growing fintech industry.

The Northeastern deal maintains Cube’s 100% leased status, as investment firm Schonfeld Strategic Advisors is set to relocate from Cube to The Dorsey, a Wynwood mixed-use building Tricera and LNDMRK partnered with The Related Group to develop. Schonfeld is expected to move to The Dorsey in early 2023.

“Northeastern’s lease at Cube is yet another example of where Wynwood’s office market is headed and reinforces the building’s incredible tenant mix,” Tricera President/Head of Leasing Dustin Ballard said. “It is exciting that local fintech professionals will have an opportunity to pursue a graduate degree from a renowned university. That will help take the fintech sector – and the City of Miami – to build upon the accomplishments and growth of the past few years.”

Additional Cube tenants include Blockchain.com, Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.

 

Source:  CRE-sources

 

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