Tricera Capital recently secured substantial refinancing and numerous leases at its mixed-use project in West Palm Beach, The Press. The Miami-based commercial real estate firm with a vast portfolio across the Southeast U.S. signed new retail and office leases for a combined total of more than 68,000 rentable square feet.
The refinancing adds $19 million to Tricera’s existing loan with Monroe Capital LLC of Chicago. Tricera plans to use the additional funds for tenant and site improvements and to continue building the 120,000-square-foot Shops at the Press and the 136,000-square-foot workspaces.
Recently signed leases at the Shops at The Press include Salons by JC – an upscale, premier salon suites company that leased 10,400 square feet; Calico, an Interior design, custom furnishings and fabric retailer that leased 3,200 square feet, Restore Hyper Wellness, a cryotherapy and wellness solutions provider that leased 2,700 square feet and Raw Jūce, an organic, plant-based food and cold juice restaurant that leased 1,700 square feet. Tricera is scheduled to deliver possession to its tenants by Q4 2022, including Joseph’s Classic Market, which is expected to open later this year.
“We are proud of the successful execution to date,” Ben Mandell says, Tricera Managing Partner and CEO. “The product offering will fill a void for high-quality retail and office along the South Dixie corridor. The Tricera team also would like to thank Monroe Capital for its continued belief in our ambitious project.”
Jason Krane of Ackman-Ziff Real Estate Group arranged the financing transaction.
