The Real Deal Miami

Tricera Capital sells retail space at X Miami to Exan Capital

Space is leased to retail and restaurant tenants expected to open later this year
By Ina Cordle | September 27, 2018 06:00PM

Ben Mandell, Scott Sherman and X Miami

Tricera Capital just sold the ground-floor retail space at X Miami to Exan Capital for $6.3 million in an off-market deal.

Miami-based Tricera entered into a preconstruction contract last year to buy the retail units at 230 Northeast Fourth Street in downtown Miami from Property Markets Group for more than $3 million, Tricera co-founders and managing partners Scott Sherman and Ben Mandell said. They closed on the retail space and immediately sold it to Exan.

The deal includes 6,520 square feet of interior space, plus a 1,752-square-foot patio. The sale price for the interior space equates to $966 per square foot.

Tricera leased the space to tenants including GoGo Fresh, Oxxo Care Cleaners, Caffé Fiorino, Inari Sushi, and a new fast-casual pizza concept by the owner of Brickell’s Stanzione 87, which are expected to open later this year, Sherman said.

X Miami, developed by PMG, is a 32-story, 464-unit apartment tower that was completed earlier this year across from Miami Dade College’s Wolfson Campus. The tower offers high-tech features and amenities including a gym, sky dog park, screening lounge, co-working lab, pool deck and bars. In August, the developer announced that The Guild Hotels would open on four floors of the building, offering virtual check-in and check-out for its 64 units.

Fabio Faerman of Fortune International represented both sides of the deal, Mandell said. Since 2014, Exan has invested more than $1.7 billion in real estate in the U.S., including Boston, Chicago, Houston, New York, and Washington, D.C., according to a release.

Sherman and Mandell launched Tricera in early 2017 to focus on retail, office, and mixed-use commercial properties in the Southeast. Since then, the firm has acquired more than 20 properties, including the development site at 5700 Biscayne Boulevard, purchased for $19.5 million last year in partnership with 13th Floor Investments. The partners plan a mixed-use apartment project called Paseo Miami, and construction is expected to begin during the first quarter of next year, Sherman said.

Mandell said the firm’s strategy is to buy vacant property, lease it and then refinance or sell it.

Tricera has also spent more than $25 million to acquire mostly retail properties in the Tampa/St. Petersburg area.