A 100,000-square-foot office building known as Cube Wynwd in Miami’s Wynwood neighborhood was recently sold for $62 million. The sale involved a joint venture between Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell and Alex Karakanhian’s LNDMRK Development. As part of the transaction, Tricera and LNDMRK retained an undisclosed ownership stake in the property after the companies acquired the office building, which includes ground-floor retail, rooftop space and parking, for $28 million in April 2021.
“We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Christian Ramirez says, Tricera’s Chief Financial Officer. “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.”
Berkadia’s Scott Wadler and Mike Basinski secured a $36.18 million loan on behalf of the buyer. This is the second time in 20 months the property has traded and been capitalized by Berkadia. The Berkadia team also lined up $27.5 million in senior and mezzanine financing when Tricera Capital and LNDMARK acquired the property in April of 2021. JP Morgan provided the balance sheet $36.2 million five-year fixed-rate loan with full term interest only. Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.
Before completing the sale, 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 fintech industry.
“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,” Dustin Ballard says, president and Head of Leasing for Tricera. “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.”
