Joint venture closes highly desirable long-term investment in retail property on Biscayne Boulevard
Tricera Capital, the Miami-based real estate investment firm, and Alex Karakhanian’s LNDMRK Development teamed up to acquire a Walgreens-leased retail building in Miami Shores. The joint venture closed the off-market purchase of the 9020 Biscayne Blvd. property on Sept. 30.
For the venture, the $4 million acquisition is a particularly desirable long-term investment. Walgreens is signed to a long-term single-tenant lease for the 14,850-square-foot building. Tricera and LNDMRK purchased the property at an attractive land basis, offering significant upside through future redevelopment or re-leasing the existing building.
The property is adjacent to a Publix supermarket on a stretch of Biscayne Boulevard that generates substantial traffic.
“We are thrilled to partner with Alex and LNDMRK once again on this new investment,” said Tricera Co-Founders and Managing Principals Scott Sherman and Ben Mandell. “This acquisition underscores our firm’s unique ability to identify and execute on off-market opportunities in urban core neighborhoods.”
The venture obtained a $2.5 million loan from First National Bank of South Miami for the acquisition.
Miguel Pinto and Jamie Maniscalco of APEX Capital Realty represented both the buyer and seller in the off-market transaction.
Tricera and LNDMRK are collaborating on several investments and developments.
The Related Group is partnering with the companies to develop The Dorsey, a 12-story apartment building with a parking garage and nearly 95,000 square feet of office and retail space in Wynwood. The joint venture acquired the project site, a former Coca Cola plant, in September 2019.
Tricera and LNDMRK are also jointly developing a luxury retail project in Miami’s Design District.
“It is exciting to expand on our successful partnership with Tricera,” Karakhanian said. “This new acquisition adds a strong asset with in-place cash flow and long-term upside to our growing portfolio.”
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.
