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Tricera Capital scores $51M for Palm Beach Post office-retail redevelopment

Joseph’s Classic Market will anchor the retail

Renderings of Joseph’s Classic Market building, Workspaces at the Press and Shops at the Press. Tricera executives Scott Sherman (left) and Ben Mandell (Storyn, Tricera)
Renderings of Joseph’s Classic Market building, Workspaces at the Press and Shops at the Press. Tricera executives Scott Sherman (left) and Ben Mandell (Storyn, Tricera)

Tricera Capital is closer to completing its office and retail redevelopment of the Palm Beach Post campus, as it scored $50.8 million in project financing.

Miami-based Tricera secured the refinancing and construction loan for its The Press project at 2751 South Dixie Highway in West Palm Beach from Chicago-based Monroe Capital, according to a news release.

Jason Krane and Simon Ziff of Ackman-Ziff Real Estate Group, as well as the law firm Polsinelli represented Tricera in the deal.

Tricera, led by Ben Mandell and Scott Sherman, bought the property that spans more than 11 acres in March 2019 for $24 million.

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It is preserving most of the campus by retrofitting the former printing press and distribution facility into the 125,000-square-foot Shops at the Press. Retail anchor Joseph’s Classic Market, an Italian market founded in 2005 by New York native and longtime Palm Beach County resident Joseph Acierno, has leased more than 25,000 square feet, according to the release. That space is to be finished next year.

Beauty salon Tipsy Salonbar also has rented space, and a newly built Starbucks will open in June on an outparcel.

Tricera has retrofitted the existing office building into a 140,000-square-foot Workspaces at the Press. The Post is keeping its office on the site, leasing 35,000 square feet on Workspaces’ second floor.

West Palm Beach also has attracted ground-up office development, as Related Companies has topped off its 20-story 360 Rosemary tower and wants to build the 25-story One Flagler downtown.