Tricera and Lndmrk Selling Cube Wynwd Office Building for $60M
By Julia Echikson August 5, 2022 4:12 pm
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San Francisco transplant Brick & Timber Collective is under contract to buy the office building, formerly known as the Cube Wynwd, for about $60 million, according to sources with knowledge of the deal.
The purchase would mark Brick & Timber’s third acquisition in Miami’s Wynwood district, which has emerged as a tech hub over the past two years with venture capital firms such as Atomic and Founders Fund moving in.
Earlier this year, the San Francisco-based investor paid $49 million for the Wynwood Annex, another office building, located across the street from its newly acquired property. It also bought a nearby three-story building for $9 million in May, situated at 2734 Northwest First Avenue.
Cube Wynwd was rebranded as the Blockchain.com building following the crypto company’s 22,000-square-foot lease, which included naming rights, in February. The 101,155-square-foot property, located at 222 NW 24th Street, is now fully leased.
The deal is expected to close in September, the sources said. The sellers, Tricera Capital and Lndmrk Development, will retain a 20 percent stake, according to The Real Deal, which first reported the impending sale.
The joint venture, led by Ben Mandall and Alex Karakhanian, bought the eight-story property, built in 2018, for $27 million last year, per records. The Cube’s developers, JZ Capital and RedSky Capital, faced financial difficulties and offloaded a number of Wynwood properties, including a 1.5-acre site to the Fisher Brothers.
A representative for Brick & Timber did not immediately respond to requests for comment. Karakhanian and a spokesperson for Tricera declined to comment. DWNTWN Realty Advisors‘ Tony Arellano and Devlin Marinoff, who are brokering the deal, also declined to comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
