December 3, 2021

Am Law 100 firm Polsinelli congratulates client Tricera Capital on closing another major real estate deal in Florida this month, continuing a $200 million series of investments over the last four years in urban retail, office, and mixed-use properties across Florida and Tennessee.

Tricera has purchased Milan at Town Center, a 66,206-square-foot office building located at 1675 North Military Trail in downtown Boca Raton. Tricera purchased the property from 5295 Center Realty Development, LLC for $20 million.  

“This deal reflects the tremendous potential that Tricera and its principals, Ben Mandell and Scott Sherman, see in the Boca Raton market,” said Eric G. Greenfield, Shareholder and Chair of the Real Estate Division at Polsinelli. “We’re thrilled to have played a role in making this transaction happen, and the firm is proud to play a part in the continued growth and transformation of Boca Raton and its business community.” 

Tricera plans to renovate the building’s lobby, common corridors, restrooms and building systems. It also plans to create a floor of move-in-ready spec space to accommodate tenants looking to move to Boca Raton at an expedited pace.

The Milan at Town Center, which was built in 2008, is in an area with heavy foot traffic and retail options, as the building sits adjacent to Simon Properties’ Town Center at Boca Raton. The Milan spans seven stories and is currently 56% leased, with tenants including a bank and a law firm.

“We are excited to add Milan at Town Center to the Tricera portfolio,” said Tricera Co-Founder & Managing Principal Ben Mandell. “This deal continues our vision of unlocking value in urban office settings.”

The purchase of the office building is the most recent in a series of deals that Polsinelli has worked with Tricera to close this year. On November 18, Tricera closed on the $10.85 million sale of a 92,248-square-foot former industrial property to Mill Creek Residential. The building, which is located at 201 17th Street South in St. Petersburg had been purchased for $6.5 million in November 2017. And on November 19, Tricera completed its sale of a mixed-use building at 442 W. Kennedy Blvd. for $16.6 million. Tricera had originally acquired that property for $8.5 million in August 2018.

“Polsinelli continues to be a true partner in shaping our portfolio,” said Tricera Co-Founder and Managing Principal Scott Sherman. “We feel that this deal is a great win, both for Tricera and downtown Boca Raton. Eric and his team provide critical advice; they help us get the right deals done on the right terms and at the right time.”

In addition to Greenfield, the team at Polsinelli that shepherded the Milan deal includes Shareholders John B. Acierno and Arielle Frost in New York, Patrick J. Elder in Chicago, and Louis D. Rubin and Stacia A. Wells in Miami. 

Recognized nationally by Chambers USA, 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.

About Polsinelli

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.