Tricera, Alex Karakhanian buy Redsky’s Cube Wynwd for $28M

NY restaurant group Kissaki recently inked rooftop lease at the building

Miami /
Apr.April 21, 2021 03:00 PM
Ben Mandell, Scott Sherman and Alex Karakhanian with Cube Wynwd (Tricera)

Ben Mandell, Scott Sherman and Alex Karakhanian with Cube Wynwd (Tricera, iStock)

UPDATED, April 21, 6:45 p.m.: A joint venture between Tricera Capital and Alex Karakhanian’s Lndmrk Development paid $28 million for Redsky Capital’s new Class A Miami office building, The Real Deal has learned.

Redsky and its joint venture partner, JZ Capital Partners, completed the eight-story, roughly 100,000-square-foot Cube Wynwd, at 222 Northwest 24th Street, in 2019. It’s about 30 percent leased to coworking operator Spaces, according to the buyers, who want to fully lease the property and make some capital improvements.

The off-market deal was in the works for about six months, Tricera co-founder and Managing Principal Scott Sherman said. It closed on Tuesday, Karakhanian said.

The buyers financed the acquisition with a senior loan from Amerant and a mezzanine loan from Glacier Credit Strategies, which combined cover about 70 percent of the purchase price, or $19.6 million, Sherman said. Scott Wadler of Berkadia arranged the financing.

New York restaurant group Kissaki Sushi inked a lease for the rooftop of the building for a Japanese concept called O. Chef Gabriele Bonci’s Bonci Pizza and Mini Market are ground-floor retail tenants.

In the past few years, RedSky and JZ Capital Partners had scooped up Miami real estate at top-dollar prices, and in recent months the joint venture and its lender have been offloading the properties. Recently, RedSky and JZ Capital sold the Wynwood Block retail building for $24.2 million, marking a loss from its previous sale price.

Sherman called the Wynwd Cube deal a “great opportunity” and said that Redsky’s equity in the deal had been wiped out by the time the deal came to fruition. In a press release, Mandell said that he and his partners are in talks with tenants for about 50,000 square feet of office space.

The property is around the corner from Panther Coffee and near the popular Wynwood Walls.

Also in Wynwood, Tricera and Lndmrk Development are partnering with the Related Group to develop the Dorsey, a 12-story apartment building with nearly 95,000 square feet of office and retail space.






    Related Articles

    arrow_forward_ios
    ABS National Business Parks manager Gregg Schenker, Stiles CEO Kenneth Stiles and Garden Plaza in Palm Beach Gardens (CBRE, Stiles, ABS)
    Stiles sells Palm Beach Gardens office complex for $31M
    Stiles sells Palm Beach Gardens office complex for $31M
    UOVO Founder Steven Guttman (UOVO)
    UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
    UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
    Midtown Capital Partners managing partner Alejandro Velez (Cushman & Wakefield, Midtown Capital)
    Midtown Capital Partners buys Plantation office building for $78M
    Midtown Capital Partners buys Plantation office building for $78M
    Chef Jorge Kauam and 310 Northwest 25th Street 
    Investors team up with pastry chef and chocolatier for planned Wynwood market
    Investors team up with pastry chef and chocolatier for planned Wynwood market
    6303 and 6505 Blue Lagoon Drive with RealOp Investments CEO Reggie Bell (Google Maps, LinkedIn)
    RealOp Investments buys Waterford office complex for $110M
    RealOp Investments buys Waterford office complex for $110M
    RedSky Capital’s Benjamin Bernstein and 2159 Northwest First Court (Redsky, Google Maps, iStock)
    Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
    Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
    Asi Cymbal and 3466 North Miami Avenue (Cymbal)
    Dev site with retail-office building in Wynwood Norte hits market for $25M
    Dev site with retail-office building in Wynwood Norte hits market for $25M
    Alliance Consolidated executive Ben Reinberg and the Hallandale Beach medical office building (Alliance Consolidated Group of Companies)
    Alliance Consolidated sells Hallandale Beach medical office building for $6M
    Alliance Consolidated sells Hallandale Beach medical office building for $6M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...