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Tricera, Lndmrk and Simkins team up for $23M Society Wynwood retail investment in mixed-use project
JV acquired 32K sf ground-floor 50% pre-leased to Starbucks, Nacho Daddy, Chama De Fogo Brazilian Steakhouse and I Scream Gelato.
Ben Mandell, Alex Karakhanian and Michael Simkins joined forces to buy the ground-floor retail space of Society Wynwood, an almost completed mixed-use project, The Real Deal has learned.
A joint venture between Mandell’s Tricera Capital, Karakhanian’s Lndmrk Development and Simkins’ Lion Development Group paid $22.5 million for 32,000 square feet at the base of the nine-story development at 2431 Northwest Second Avenue that is currently under construction, a press release states. Tricera and Lndmrk are based in Miami and Lion is based in Miami Beach.
The deal breaks down to $703 per square foot.
Society Wynwood’s developers, Miami and New York-based Property Markets Group, or PMG, and Toronto-based Greybrook, are the sellers.
Roughly 50 percent of Society Wynwood’s ground-floor retail space is pre-leased to Starbucks, Nacho Daddy, Chama De Fogo Brazilian Steakhouse and I Scream Gelato, the release states.
Society Wynwood will also have 300 apartments, including co-living units, and a garage.
“The retail is situated in the core of the district, directly across from the Wynwood Walls, and continues to attract premium tenants that want to be part of this vibrant community,” Karakhanian said in a statement. “Wynwood continues to grow and mature.”
Greybrook and PMG assembled Society Wynwood’s development site for more than $57 million between 2020 and 2021. Later that year, the joint venture broke ground on Society Wynwood after scoring a $142.3 million construction loan.
In South Florida, PMG and Greybrook also developed Society Las Olas, a co-living mixed-use project in Fort Lauderdale. In 2022, PMG sold the 16,500-square-foot retail component of Society Las Olas for $17 million to WeWork co-founder Adam Neumann.
In downtown Miami, PMG and Greybrook abandoned plans for another Society-branded rental project. Instead, the joint venture converted the development into a condo-hotel called The Elser Hotel & Residences when it was completed in 2022.
In other recent Wynwood commercial deals, Crunch Fitness founder Doug Levine last month sold an office building and two retail buildings for $23.5 million to New York-based Benaim X Partners.