 |
| 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
O 954-370-8999
C 305-794-5123
No comments:
Post a Comment