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Miami’s Cube Wynwd Office Building Sells for $62 Million

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.”

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.