November 23, 2021

Am Law 100 firm Polsinelli congratulates client Tricera Capital on the closing of two major real estate deals in the Tampa Bay/St. Petersburg area 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.

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 at 201 17th Street South in St. Petersburg had been purchased for $6.5 million in November 2017.

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.

“These two deals reflect the tremendous energy and potential we see in the market right now as developers take a fresh look at opportunities in key areas,” said Eric Greenfield, Shareholder and Chair of the Real Estate Division at Polsinelli. “Tricera and its principals, Ben Mandell and Scott Sherman, are leading the way in bringing to life the kinds of vibrant commercial and mixed-use districts where people want to live, work and shop.”

The office and retail property at 442 W. Kennedy Blvd. is directly in between the University of Tampa and a 314-unit luxury multifamily development. It is also located one storefront away from the bustling Oxford Exchange.

The two-acre property at 201 17th Street South sits east of Highway I-275 and is located within blocks of Central Avenue and Tropicana Field, home of the Tampa Bay Rays baseball team. The property stretches from 18th Street South to 17th Street South along Third Avenue South, at the intersection of the Grand Central and Warehouse Arts districts.

“We’re excited about how these deals have worked out and look forward to seeing these properties thrive,” said Tricera Co-Founder & Managing Principal Ben Mandell. “Our vision is all about unlocking value in urban retail.”

The Tampa deals are the most recent in a series that Polsinelli has worked with Tricera to close this year. In July, Polsinelli represented Tricera in its joint venture with New England Development, NDT Development and Rockpoint Group as the group acquired the recently renovated an 18-story office tower at 250 South Australian Avenue in West Palm Beach for $60.7 million. And in May, the firm represented Tricera in securing $50.8 million in financing for its 11-acre retail and office project, The Press. Polsinelli also represented Tricera in its acquisition of newly constructed office building CUBE Wynwd.

“Eric and the team at Polsinelli have been true partners in shaping our portfolio,” said Tricera Co-Founder and Managing Principal Scott Sherman. “They help us get the right deals done on the right terms and at the right time.”

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.