Miami real estate investment firm closes $11.08 million purchase of ground-floor space and adjoining bank building at Related Group’s recently completed development
MIAMI AND ST. PETERSBURG, FL – July 28, 2021 – Tricera Capital, the Miami-based real estate investment firm, bolstered its significant portfolio in St. Petersburg’s Central Arts District with the $11.08 million acquisition of the ground-floor retail space at Related Group’s recently completed ICON Central development. The transaction also included the adjoining Union Trust Bank building.
Combined, the ground-floor retail and historic bank building total nearly 35,000 square feet of rentable space. Related constructed the 368-apartment ICON Central on an entire city block along Central Avenue, the city’s main pedestrian thoroughfare.
The off-market transaction closed on July 27. Tricera obtained $9.9 million in financing for the acquisition.
About 7,000 square feet of the retail space is already leased to two tenants: BurgerFi and Watts Dental Both concepts are open and have seen strong demand to date.
“This acquisition perfectly complements our existing Central Avenue and broader downtown St. Pete portfolio,” Tricera Co-Founder and Managing Principal Ben Mandell said. “ICON Central is ideally situated in between the Central Business district & the booming Edge district. The location allows us to benefit from the dense office & residential surrounding the property, and also gives us the ability to fully take advantage of the retail synergy in conjunction with our other holdings in the market.”
Tricera is already generating strong interest in the available space, including its diamond in the rough, the “Union Bank Building,” and is presently negotiating deals with several service-oriented retailers, strong F&B, entertainment and fitness operators and health & wellness brands, among others. The firm owns more than a dozen downtown St. Petersburg properties, a portfolio that gives Tricera a strong presence and pipeline of potential tenants for the ICON Central offering.
Scott Wadler, managing director at Berkadia Miami, and Alec Fox, associate director at Berkadia Orlando, arranged the financing on behalf of Tricera.
As part of its redevelopment of the entire block, Related extensively renovated the bank building – originally constructed in 1926 – for commercial use.
Over the past decade, downtown St. Petersburg has transformed into a desirable environment for young professionals and businesses. More than 1,700 multifamily units have been developed downtown since 2014, with another 1,100 units currently under construction. The city was featured by Fortune Magazine as “One of the Hottest Cities for Startups.”
“We are long-term believers in downtown St. Petersburg and continue to target acquisition opportunities,” Tricera Co-Founder and Managing Principal Scott Sherman said. “It is particularly exciting that even with the area’s incredible recent activity, there is still so much potential for further growth in the years ahead.”
Law firm Polsinelli represented Tricera in the transaction.
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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.