Tricera Capital to start “The Press” mixed-use project in West Palm

The firm paid $24M for the 11-acre property at Palm Beach Post campus

Ben Mandell and Scott Sherman
Ben Mandell and Scott Sherman

Tricera Capital paid $24 million for the Palm Beach Post campus in West Palm Beach, where it’s planning a mixed-use retail and office project called “The Press.”

Cox Media Group affiliate Palm Beach Newspapers sold the 360,000-square-foot office and warehouse property 2751 South Dixie Highway to Tricera, led by Ben Mandell and Scott Sherman. The Palm Beach Post will remain a tenant at the new project, set to open in early 2020, according to a press release.

Vaster Capital provided Tricera with the $20.3 million, two-year floating-rate acquisition loan. Scott Wadler of HFF arranged the loan.

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Cox Media sold the Palm Beach Post and the Palm Beach Daily News to GateHouse Media last year. It held onto the real estate, an 11.4-acre property with about 230,000 square feet of office space, a 120,000-square-foot warehouse — where the printing press is housed — and a 3.66-acre parking lot. GateHouse, like other newspaper publishers, has been laying off employees throughout the U.S.

Tricera Capital, along with RRE Investments, recently paid $13.25 million for the Flagler Uptown and the Hive mixed-use buildings in Fort Lauderdale’s Flagler Village.

In 2007, the Miami Herald’s parent company, McClatchy, sold its waterfront property north of downtown Miami to Genting, a Malaysian resort and casino developer, for $263 million.