Tricera Co-Founder Scott Sherman Launches New Miami Firm
By Julia Echikson October 19, 2022 9:51 pm
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Scott Sherman, the co-founder of the prominent Miami-based real estate investment firm Tricera Capital, is striking out on his own.
The executive is launching Torose Equities, which will develop and reposition retail, office and mixed-use properties — similar to Tricera’s focus. “We took the same team, just changed the jerseys, and kept going,” Sherman told Commercial Observer.
Founded in 2017, Tricera is best known for having developed mid-rise buildings in Wynwood, such as the Dorsey in partnership with the Related Group, and redeveloping the Palm Beach Post offices into a mixed-use complex.
Last spring, Ben Mandell, Tricera’s other founder, bought a majority stake in the investment firm. Both Mandell and Sherman said that they remain on “on good terms.” Sherman will remain a partner in the portfolio that he helped build during his time at Tricera.
“Just like anything else in life, you grow, you scale, and you hit certain inflection points,” Sherman said. “It made sense to kind of go our separate ways going forward.”
Torose has already made acquisitions, including a site in Bonita Spring for a retail development. The firm is also under contract to buy an office building in Tampa as part of a joint venture and has a South Florida project in the pipeline, for which Sherman declined to provide additional details.
The firm, based in a coworking office in Coconut Grove, employs four, including former members of Tricera’s acquisition division, Ari Sasson and Aaron Kay, who joined as Torose’s chief financial officer and director of acquisitions, respectively.
Sherman doesn’t have strict growth metrics for Torose, saying “we’re going to take it step by step here and grow it as we need.”
Julia Echikson can be reached at jechikson@commercialobserver.com.
