Am Law 100 firm Polsinelli congratulates client Tricera Capital on entering the next phase on a pair of projects that will help transform Southeast Florida.
Polsinelli represented Tricera in securing $50.8 million in financing for its 11-acre retail and office project, The Press. In a second transaction, the firm also represented Tricera in its acquisition of newly constructed office/retail building Cube Wynwd. Both projects spotlight the real estate opportunities in the Miami market as the area continues to come back from the economic slowdown caused by the COVID-19 pandemic.
“With these two deals, Tricera and its principals, Ben Mandell and Scott Sherman, are reimagining office that meets the needs of today’s market. We’re thrilled to have played a role in making these transactions happen,” said Eric Greenfield, Shareholder and the Division Chair for the Real Estate Division at Polsinelli. “Even during the COVID-19 pandemic, our team has continued to identify forward-looking opportunities like these.”
The Press is a dynamic redevelopment of the home of the Palm Beach Post newspaper. The retail and office project is a vibrant and adaptive reuse of the historic site, transforming the former printing press and distribution facility into the 125,000-square-foot Shops at the Press and the existing office building into a 140,000-square-foot Workspaces at the Press. The Post is keeping its office on the site, leasing a portion of Workspaces’ second floor.
Retail tenants at the Press include a gourmet market, hair salon and a Starbucks. Chicago-based Monroe Capital secured the refinancing and construction loan for the project, and Jason Krane and Simon Ziff of Ackman-Ziff Real Estate Group also represented Tricera.
“We are thrilled to complete this transaction and are appreciative of Monroe Capital’s belief in our firm’s most ambitious project to date,” said Tricera co-founder & Managing Principal Ben 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.”
In the second deal, Tricera and LNDMRK Development acquired the eight-story Cube Wynwyd for $28 million from RedSky Capital, and firm Berkadia arranged the $27.5 million loan for the sale.
In all, the Cube contains approximately 100,000-square-feet of office and ground-floor retail space, along with a rooftop terrace. A coworking operator occupies approximately 30% of the office space and 1,700-square-feet of the retail space. Other tenants include a restaurant and a market.
“We greatly appreciate Eric and the team at Polsinelli for facilitating seamless closings of these significant transactions,” said Tricera Co-Founder and Managing Principal Scott Sherman. “The Cube is an incredible opportunity to bolster our portfolio with a unique asset in the heart of the Wynwood district. Both Tricera and LNDMRK are long-term investors and believers in Wynwood; I’ve often said that Wynwood is still in the early stages of realizing its full potential, even with the incredible activity and development over the last decade-plus.”
Recognized as a national Real Estate practice by Chambers USA, 2019, Polsinelli’s Real Estate practice includes offices and highly experienced attorneys spanning all time zones in the continental United States. The firm’s deep bench provides the practical solutions clients value, as well as vast experience in areas that include transactions, financing structures and land use entitlements.
Polsinelli is an Am Law 100 firm with 900 attorneys in 21 offices nationwide. Recognized by legal research firm BTI Consulting as one of the top firms for excellent client service and client relationships, the firm’s attorneys provide value through practical legal counsel infused with business insight, and focus on health care, financial services, real estate, intellectual property, middle-market corporate, labor and employment and business litigation. Polsinelli PC, Polsinelli LLP in California.