The Real Deal Miami

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
By Katherine Kallergis | March 01, 2019 05:30PM

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.

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.