Tricera Nabs Knotel as Tenant at The Press Redevelopment in West Palm
By Julia Echikson August 1, 2022 4:59 pm
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Tricera Capital’s The Press adaptive reuse project in West Palm Beach is coming together.
As the name suggests, the 8-acre property houses the headquarters of the Palm Beach Post. The Miami-based developer bought the building for $24 million in 2019 with plans to repurpose the property into a mixed-use development.
Last week, Tricera, led by Ben Mandell, added $19 million to its existing $30.5 million loan with Monroe Capital. The developer also secured $20.5 million from Florida-based mortgage company Vaster shortly after the acquisition, bringing The Press’ total financing to $70 million.
The new loan will go toward finishing the buildout of the 120,000-square-foot retail space and the 136,000-square-foot office component. Jason Krane of Ackman-Ziff Real Estate Group arranged the latest financing.
“The product offering will fill a void for high-quality retail and office along the South Dixie corridor,” Mandell said in a statement. Located at 2751 S. Dixie Highway, the development sits five blocks east of the Belvedere Road exit off Interstate 95.
On the office leasing front, coworking operator Knotel will occupy 18,000 square feet — its first South Florida deal since filing for bankruptcy and being acquired by Newmark last year. The 10-year lease closed in tandem with the financing.
SROA Capital, a self-storage real estate investment firm, signed a 12-year lease for 25,900 square feet. The deal closed during the first quarter of 2022.
The Press’ office asking rent stands at $42 a square foot, modified gross. Once the development is completed, The Palm Beach Post will also remain a tenant.
On the retail side, upscale hairdresser Salons by JC is taking 10,400 square feet. Raw Jūce, a popular South Florida juice chain, leased 1,700 square feet. A Starbucks on the premises is already open, and Joseph’s Classic Market, a high-end grocer, is slated to open a 15,000-square-foot store this year.
Tricera is scheduled to deliver the property to tenants by the end of the fourth quarter.
Julia Echikson can be reached at Jechikson@commercialobsever.com.
