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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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Turnberry Turns To Wynwood, Plans Mixed-Use Hotel Project

Turnberry Associates is planning a mixed-use hotel project in Wynwood on a site it acquired from the Bacardi family.

Aventura-based Turnberry, led by Jackie Soffer, paid $13.1 million for the properties at 127 and 135 Northwest 24th Street and 128 and 138 Northwest 25th Street, Vizzda data and records show. One of Soffer’s brothers, Rock Soffer, will lead the project. AJC Partners, a family office based in Bloomfield Hills, Mich., is a partner.

A company led by Luis L. Bacardi sold the properties. The Turnberry affiliate financed the purchase with a $7.9 million loan from Terrabank.

The Bacardi entity paid just $2 million for the 0.7-acre assemblage in 2006. Bacardi is CEO of Rumbum Racing.

Rock Soffer, a partner at Turnberry, said the site will likely be developed into a hotel with a food and beverage component, and possibly office or retail. The site’s zoning allows for five stories, plus more if the developer takes advantage of bonuses.

Soffer said Turnberry is working with its design team and is patient when it comes to finalizing plans, but that it could break ground in two years.

“We want to see how the neighborhood will evolve,” he said.

The site is sandwiched between two major developments. To the west, PMG and Greybrook Realty Partners are building Society Wynwood, a 289-unit apartment development at 2341 Northwest Second Avenue. To the east, multifamily giant AMLI has a 316-unit apartment building under construction at 70 Northwest 25th Street.

AJC, Turnberry’s partner, is led by Michael Colman, Eric Bean and Richard Mark.

Soffer, through Turnberry Associates, is also working on a market-rate apartment project in Miami’s Little River. He’s partnering with Gaudi Castro and Jose Vizcarrondo on the development of 123 and 137 Northeast 79th Street.

In 2019, Soffer, Elion Partners and members of the Sredni family completed 17 West, a mixed-use building that includes a Trader Joe’s in Miami Beach.

 

Source:  The Real Deal

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Developers Of Society Wynwood Mixed-Use Project Score $142M Construction Loan

PMG and Greybrook Realty Partners scored a $142.3 million construction loan for their planned mixed-use rental project in Wynwood.

Pacific Western Bank and Square Mile Capital provided the loan for Society Wynwood, which broke ground earlier this year at 2431 Northwest Second Avenue, according to a release.

The 10-story building will have 318 apartments and 50,210 square feet of commercial space once completed. Amenities will include a pool deck, yoga lawn, food and beverage operations, a gym, coworking spaces and a rotating art gallery. It will offer traditional apartments, as well as co-living units with rent-by-the bedroom options.

PMG’s Andrew Warman, Lowell Plotkin and Jonathan Blank represented the developer in arranging the loan.

The project will mark the third Society-branded development for PMG in South Florida, which has Society Las Olas and Society Biscayne, the latter of which is expected to open in early 2022. The company plans more than 8,500 Society units nationally, including projects in Atlanta, Brooklyn and Nashville.

The developers assembled the Wynwood land over the past two years for more than $57 million, including the $11.5 million acquisition of land in December that previously belonged to RedSky Capital and JZ Capital Partners.

Development has continued at a fast clip in Wynwood, with office projects beginning to proliferate most recently. In August, developer David Edelstein’s TriStar Capital and partner RAL Development paid $13 million to complete an assemblage in Wynwood. The two firms are planning a $200 million Class A office project on Northwest Fifth Avenue.

 

Source:  The Real Deal

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