Tag Archive for: tricera capital

Chicago Firm Picks Up West Palm Office Building

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Chicago-based Bradford Allen Investment Advisors has made its second splash in the South Florida office market with its purchase of One Clearlake Centre office tower from Rockpoint Group for $45 million, according to property records provided by Vizzda.

The company intends to invest an additional $10 million into refurbishing the property, which currently has a 62% occupancy rate, as part of a value-add strategy.

The 221,000-square-foot building was purchased in 2021 for $60.7 million by Rockpoint Group in partnership with Tricera Capital, NDT Development, and New England Development. Despite efforts, occupancy has remained stagnant, resulting in a nearly 26% loss on the recent sale.

Built in 1986 and located at 250 South Australian Avenue in downtown West Palm Beach, the building will receive a new roof, updated elevators, a renovated fitness and conference center, a tenant lounge, and food service upgrades. Bradford Allen also plans to introduce four move-in-ready spec suites in 2025.

Current tenants include Truist Bank, Ideal Nutrition, and Robert Half.

The leasing for the building will be managed by Tower Commercial Real Estate, led by Jon Blunk and Laurel Oswald.

While One Clearlake has struggled, newer properties like One Flagler — opened in February and 95% leased — reflect strong demand for modern office space. According to CBRE, Class A office buildings in the West Palm Beach central business district have a low direct vacancy rate of 2.8%.

“There is significant potential in repositioning One Clearlake,” said Blunk. “Like other urban cores, downtown West Palm Beach is seeing strong demand for premium office space as top-tier companies move in.”

Earlier this year, Bradford Allen made its entry into South Florida with a $208 million purchase of Las Olas Centre I and II in Fort Lauderdale, the city’s largest office sale in nearly ten years. That building was 69% occupied, and the firm plans a $25 million renovation.

CBRE’s Sean Kelly, Amy Julian, Andrew Chilgren, Tom Rappa, and Mathew Lee represented the seller in the transaction.

 

Source:  Bisnow

Colliers Names Former Tricera Capital Exec Brokerage Market Leader For South Florida

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Colliers | U.S. announced that Dustin Ballard has joined the company as Managing Director and Brokerage Market Leader for South Florida.

In his new role, Ballard will oversee all brokerage operations, recruitment, retention, and business development for the Colliers’ West Palm Beach, Fort Lauderdale, Boca Raton and Miami/Brickell offices. He will report to Stephanie Rodriguez, National Director, Industrial Services | U.S. and Executive Managing Director | Florida. Ballard replaces Rodriguez, who was serving as the interim Market Leader.

“I am very pleased to welcome Dustin to our team,” said Rodriguez. “Under his leadership, we are poised to further enhance our market leading position and accelerate opportunities for our clients and professionals alike.”

An experienced real estate executive, Ballard has spent more than 15 years in the public and private sector in significant markets such as South Florida, Nashville, Silicon Valley and Los Angeles. His expertise spans a variety of asset types, including office, retail and mixed-use. During his tenure as President and Head of Leasing at Tricera Capital, a Miami-based real estate investment firm, Ballard was instrumental in developing and implementing the company’s institutional leasing platform, a testament to his ability to drive growth.

“I am thrilled about my new role,” said Ballard. “An organization’s strength lies in its people, and having previously been a client of Colliers, I have seen first-hand its ability to attract and retain top talent that ensures we deliver best-in-class service to our clients. I am eager to leverage my experience to contribute significantly to the growth of our brokerage business in South Florida.”

 

TCRE Named Exclusive Leasing Agent For The Offices at the Press, Former PB Post HQ In West Palm Beach

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TCRE has been named the exclusive leasing agent for The Offices at The Press, the former headquarters of the Palm Beach Post and part of an 8-acre mixed-use adaptive reuse redevelopment located at 2751 S. Dixie Highway in West Palm Beach.

Tricera Capital acquired the four-storyPalm Beach Post office building and neighboring former printing facility in 2019 and completed a comprehensive renovation and repositioning of the properties. The printing press and distribution facility was retrofitted into the Shops at The Press, which now features 120,000 square feet of new retail space, and the existing office building has been transformed into The Offices at the Press, with 136,000 square feet of flexible workspaces.

Jon Blunk, Laurel Oswald, Constance Thomas and Cristina Glaria of TCRE are leading the office leasing efforts at the four-story office building. The Offices at The Press encompasses 40,000 square-foot floor plates that can be customized from 5,000 square feet and up with the potential for 80,000 square feet of contiguous space with building signage and branding opportunities.

“We are thrilled to represent this trophy-class office building so widely recognized for its rich history,” stated Blunk, president, TCRE. “Tricera’s transformation and revitalization of this property delivers the excitement of dynamic and upscale workspaces, paired with an exceptional environment that embraces innovation and allows businesses to thrive. The Offices offer sleek, modern interiors with an emphasis on functionality and efficiency. Businesses that locate here will benefit from sought-after amenities and meticulously designed workspaces that are as unique as they are adaptable, all set in a prime location.” 

The office building features a new tenant lounge with meeting space, newly renovated lobby, common areas and restrooms, and a full back-up generator. Tenants will enjoy an abundance of amenities including Starbucks, Joseph’s Classic Market, Raw Jūce, the 35,000-square-foot Amped Fitness, Restore Hyper Wellness, Salons by JC, Calico Interior Design, and Tipsy Salonbar, all housed in the neighboring Shops at The Press. The Shops’ second floor offers the unique opportunity to lease 32,000 square feet of office or retail space within a former printing press.

The Offices at The Press continues to attract top-flight firms seeking to relocate or expand their footprint in South Florida. Current tenants include self-storage investor SROA Capital, coworking concept Knotel and The Palm Beach Post, which occupies 30,000 square feet.

The building is conveniently located at the intersection of US-1 and Belvedere Road and within walking distance to many restaurants and daily conveniences including Pig Beach BBQ, Sushi Jo, PB Wraps, Publix and many others.  The property offers direct access to I-95 and is in close proximity to Downtown West Palm Beach and The Square, Brightline Station, and adjacent to the historic El Cid district.

 

Financial Services Giant To Occupy 25,000 Square Feet In Boca With Additional Expansion Rights

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Tricera Capital secured a prominent new tenant at its 1675 Midtown office building in Boca Raton.

Wells Fargo signed a lease for approximately 25,000 square feet with options to expand at the building.

The Ben Mandell-led Tricera also kicked off an extensive capital improvements program at the 1675 N. Military Trail property, with Kravit Architecture retained to assist with the upgrades. The building’s lobbies, common corridors, restrooms and building systems will be renovated.

The Wells Fargo lease allows Tricera to seamlessly backfill space to be vacated by Comerica Bank, which is moving out of 1675 Midtown when its lease expires in June 2023.

Tricera Executive Vice President | Head of Office Leasing Dustin Ballard began discussions with Wells Fargo in advance of the firm’s November 2021 acquisition of the building. Wells Fargo had an expiring lease at a nearby property, so 1675 Midtown gives it a premier location for its new Boca Raton corporate office.

“We are thrilled to finalize a lease with Wells Fargo – a flagship tenant for a trophy Boca Raton office building,” Ballard said. “Our team continues to receive substantial interest from potential corporate tenants of all sizes, including new-to-market companies and those with an established presence in Palm Beach County.”

The seven-story 1675 Midtown has approximately 70,000 square feet and ample parking in the four-story podium parking garage. Built in 2008, the building features hurricane resistant windows, heavy back-up power, expansive conference rooms and valet parking.

Tricera is extremely active in Palm Beach County.

The firm is part of a joint venture that owns office building One Clearlake in downtown West Palm Beach. Tricera is also nearing completion of The Press, a transformative mixed-use redevelopment of the former Palm Beach Post campus on West Palm Beach’s South Dixie corridor. The Press includes a fully redesigned and renovated office building occupied by the Post and numerous additional tenants.

“We remain bullish on Palm Beach County’s core markets, especially Boca Raton and downtown West Palm Beach,” Mandell said. “These areas have benefitted greatly from the domestic and corporate migration of the last few years. That activity has not slowed down, and we continue to pursue investment opportunities to address the pent-up demand for quality office and retail space in these markets.”

CBRE’s John Criddle, Joe Freitas and Chris Smith oversee leasing of 1675 Midtown on behalf of Tricera.

 

Tricera Capital Signs Nearly 50,000 SF Of Office Leases At The Press

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Tricera Capital, the Miami-based commercial real estate firm with a vast portfolio across the Southeast U.S., completed a substantial refinancing and secured numerous exciting leases at its pioneering mixed-use project – The Press – in West Palm Beach.

The new office leases account for a combined total of more than 68,000 rentable square feet.

The refinancing, which closed on July 29, adds $19 million to Tricera’s existing loan with Monroe Capital LLC of Chicago. Tricera plans to use the additional funds for tenant and site improvements and to continue the buildout of the ±136,000-square-foot Workspaces at the Press and the ±120,000-square-foot Shops at the Press.

Recently signed leases at the Workspaces at the Press include: SROA Capital – a self-storage real estate investment firm that leased ±25,900 square feet, Knotel – the global flexible office platform that leased 18,000 square feet, and Blue Sky Financial – a mortgage brokerage firm that finalized a ±5,200-square-foot lease renewal and relocation within the office building

“We are proud of the successful execution to date,” Tricera Managing Partner and CEO Ben Mandell said. “The product offering will fill a void for high-quality retail and office along the South Dixie corridor. The Tricera team also would like to thank Monroe Capital for its continued belief in our ambitious project.”

Jason Krane of Ackman-Ziff Real Estate Group arranged the financing transaction.

The firm found a way to modernize the asset while still maintaining the site’s integrity; paying homage to an important piece of the city’s history.

The Press also includes a newly constructed Starbucks, which opened in June 2021 and has upscale features and a drive thru.

Other members of the project team include:

  • Miami-based Red Door Construction, led by Gal Bensaadon
  • St. Petersburg-based Storyn Studio for Architecture, led by Everald Colas
  • St. Petersburg-based Ya La’ford, a renowned muralist who is creating public art displays on the project’s exterior façade