Miami real estate investment firm and partner remain bullish on retail, completing $3.8 million transaction mid-pandemic
Tricera Capital and Merrimac Ventures acquired the ground-floor retail space within the newly developed Society Las Olas mixed-use project in downtown Fort Lauderdale. The purchase of the prime 301 SW First Ave. space closed on Aug. 27.
The venture purchased the retail for $3.8 million, while also acquiring 40 parking spots as part of the transaction.
Society Las Olas is the premier mixed-use project along the revitalized Riverwalk in the heart of downtown Fort Lauderdale. Tricera’s partner, Dev Motwani-led Merrimac Ventures, has been a driving force in the neighborhood’s reemergence. Merrimac acquired the former Las Olas Riverfront complex and brought in PMG to develop Society on a portion of the property before partnering with Tricera to acquire and curate the retail component.
Merrimac also owns the adjacent property and operates the Wharf Fort Lauderdale and Rivertail with Breakwater Hospitality Group.
Tricera and Merrimac own a total of ~16,500 square feet of retail at Society, with ~8,500 square feet of prime space still available. Nearly half of the space is already home to numerous first-to-market tenants of national prominence.
Thompson Hospitality, one of the largest retail food and facilities management companies in the country, is leasing over 6,000 square feet of space that will house the company’s popular Matchbox Restaurant and Big Buns Damn Good Burger Co. After an initial $14 million investment earlier this year, Thompson Hospitality has fully acquired the Matchbox Brand and strategically expanded the concept into emerging markets. Since 2003, the Washington, D.C.-based chain has provided a quintessential neighborhood gathering place for communities.
With 11 locations across the U.S. and more on the way, Matchbox’s menu is centered around fresh, premium ingredients, offering something for everyone, from wood-fired pizzas and mini burgers to simple, yet refined main courses, and a full bar featuring specialty cocktails, local beer and wines from around the globe.
Thompson is also bringing its latest venture, Big Buns Damn Good Burger, to Society. Big Buns is a fun-casual restaurant specializing in burgers, burger bowls, shakes, craft beer and cocktails. The restaurant is inspired by a true love for burgers and beer, and the belief that eating out should feel like a fun backyard party with delicious food, ice-cold drinks and good friends.
Pura Vida Miami, the popular Miami casual health food restaurant, is leasing an ~1,600-square-foot space. Society Las Olas marks the first ever Fort Lauderdale location for Pura Vida, which strives to bring healthy food and a sense of community to each of its South Florida locations.
“Fort Lauderdale continues to offer great opportunities for us to expand our presence in the market,” Tricera Capital Co-Founder and Managing Principal Ben Mandell said. “We are thankful to be able to close this deal mid-pandemic with confidence and plan to continue our efforts in the area.”
“Bringing these exciting concepts to downtown Fort Lauderdale continues our company – and my family’s – long history of enhancing the city we are fortunate to call home,” Merrimac Ventures President and CEO Dev Motwani said. “The tenants we are securing at Society nicely complement Wharf and Rivertail and will help make this area the focal point of the Riverwalk.”
About Tricera Capital: Miami-based Tricera Capital is a real estate investment firm focused on value-add, urban retail, office and mixed-use investments and developments throughout the United States. Since launching in 2017, Tricera’s principals have leveraged their institutional real estate experience, relationships and entrepreneurial spirit to create off-market opportunities and quickly amass a portfolio in select target markets. The principals are seasoned real estate professionals with deep track records of success in deal sourcing, acquisitions, syndication and leasing. Their experience enables Tricera Capital to strategically identify and execute deals and move swiftly to create value by repositioning assets and upgrading the tenancy to deliver superior returns to investors. For more information, visit www.triceracap.com.
About Merrimac Ventures: Merrimac Ventures is a Real Estate investment and development firm located in Fort Lauderdale, FL. Its primary focus is on prime resort and mixed-use development but also has extensive investments in multi-family residential, condominiums, single-family rental, retail and commercial. Merrimac Ventures is an opportunistic firm, specializing in bringing unique projects to the market by combining a vast network of financial resources with the political acumen to navigate the entitlement processes in diverse jurisdictions. Partners in Merrimac Ventures are currently involved in over $3 billion in real estate projects, including Miami World Center, the Four Seasons Hotel and Private Residences Fort Lauderdale, The Gale Boutique Hotel and Residences, Paramount Fort Lauderdale Beach, Las Olas Riverfront, The Flagler Village Hotel and Broadstone Oceanside Apartments, among others.
