Sunday, October 4, 2020

Tricera Capital and LNDMRK Development Acquire Walgreens-Leased Building in Miami Shores, FL

Jamie Maniscalco 

MIAMI, FL – 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.

Scott Sherman 

 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.

Ben Mandell

 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.”

 Walgreens-leased building, 9020 Biscayne Boulevard, Miami Shores, FL

 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.

Miguel Pinto

 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.

Alex Karakhanian

 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.”

   CONTACT:

Eric Kalis

Vice President

 Boardroom PR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

  www.triceracap.com

 

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