Tricera, Alex Karakhanian buy Redsky’s Cube Wynwd for $28M
NY restaurant group Kissaki recently inked rooftop lease at the building
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.