Tricera Capital and LNDMRK Development Close $62 Million Sale of Miami’s Cube Wynwd
Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and Alex Karakanhian’s LNDMRK Development closed the $62 million sale of the Cube Wynwd office building in Miami’s popular Wynwood neighborhood. The successful disposition is a case study in Tricera’s unparalleled ability to identify off-market acquisition opportunities, rapidly lease up properties with compelling tenant mixes and facilitate successful exits at favorable returns.
The sale to Brick & Timber Collective closed on Dec. 13. As part of the transaction, Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000-square-foot office building, which includes ground-floor retail, rooftop space and parking, for $28 million in an April 2021 off-market deal.
“We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Tricera Chief Financial Officer Christian Ramirez said. “This investment underscores the depth and versatility of Tricera 2.0, as we tapped into our robust acquisitions and asset management divisions, top-tier leasing professionals, team members with development experience and real estate finance experts. We look forward to replicating the model at our many other investments and developments.”
Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.
Prior to completing the disposition, Tricera finalized a five-year lease with Boston’s Northeastern University to occupy the 10,976-square-foot fifth floor of the 222 NW 24th St. building. Northeastern plans to operate a brand-new graduate degree program tailored to working professionals in Miami’s rapidly growing fintech industry.
The Northeastern deal maintains Cube’s 100% leased status, as investment firm Schonfeld Strategic Advisors is set to relocate from Cube to The Dorsey, a Wynwood mixed-use building Tricera and LNDMRK partnered with The Related Group to develop. Schonfeld is expected to move to The Dorsey in early 2023.
“Northeastern’s lease at Cube is yet another example of where Wynwood’s office market is headed and reinforces the building’s incredible tenant mix,” Tricera President/Head of Leasing Dustin Ballard said. “It is exciting that local fintech professionals will have an opportunity to pursue a graduate degree from a renowned university. That will help take the fintech sector – and the City of Miami – to build upon the accomplishments and growth of the past few years.”
CBRE’s Eric Groffman, Cameron Tallon, Emily Brais and Randy Carballo served as landlord representatives in the Northeastern lease. Colliers International South Florida Stephen Rutchik and Tyler de la Peña and Colliers International Greater Boston’s John Carroll represented the tenant.
Additional Cube tenants include Blockchain.com, Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.
For more information, visit www.triceracap.com.
