Tricera Capital Signs Numerous Retail and Office Leases at The Press in West Palm Beach

The mixed-use project features a newly constructed Starbucks

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 Triceraโ€™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 Jลซce, 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 Josephโ€™s Classic Market, which is expected to open later this year.

โ€œWe are proud of the successful execution to date,โ€ Ben Mandell says, Tricera Managing Partner and CEO. โ€œThe 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.โ€

Jason Krane of Ackman-Ziff Real Estate Group arranged the financing transaction.

SFBW Staff
sfbw@lmgfl.com
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