Tricera Capital, partners buy West Palm Beach office tower for $61M

18-story One Clearlake Centre was 62% leased when put under contract

Tricera co-founders and managing principals Scott Sherman and Ben Mandell with One Clearlake office tower (Tricera Capital)
Tricera co-founders and managing principals Scott Sherman and Ben Mandell with One Clearlake office tower (Tricera Capital)

Tricera Capital and three other partners bought One Clearlake office tower in West Palm Beach for $60.7 million.

Tricera, NDT Development, New England Development and Rockpoint Group purchased the property at 250 South Australian Avenue, according to a news release.

The seller, a joint venture between Dallas-based private equity real estate fund manager Velocis and real estate firm CREC, had paid $42.3 million for the property in 2017.

The 18-story office building with more than 220,000 square feet was built in 1986 on 3 acres, according to the release. It includes an attached 669-space garage, 24-hour security, a new tenant lounge, gym and café.

One Clearlake recently got a facelift, with the lobby renovated in 2019 with a modern look, featuring polished stone and wood, according to the release.

The building was 62 percent leased when it was put under contract, and the new owners closed two new leases before closing, with a third new tenant expected to sign.

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Miami-based Tricera, led by co-founders and managing principals Scott Sherman and Ben Mandell, launched in 2017 and has since purchased roughly 25 retail and mixed-use assets totaling 1.7 million square feet, according to its website.

In April, Tricera, along with Lndmrk Development, paid $28 million for Class A Miami office building Cube Wynwd.

Rockpoint Group is a private equity firm, and New England Development is a real estate developer and manager, according to the release. Both are based in Boston.

Rockpoint in May bought a stake in Mast Capital’s long-planned Miami Beach condo project at 4000 Alton Road.

West Palm Beach-based NDT Development is a real estate investment and development firm, focused on hospitality, mixed-use, office, retail and residential, according to its website. It owns residential property manager Kanga Property Management, which operates in Palm Beach and Broward counties.

The One Clearlake deal is the latest in a slew of high-profile office sales. Many of the other top-dollar purchases are by Stephen Ross’ Related Companies, and also in West Palm Beach. Related bought downtown’s CityPlace Tower for $175 million in May and the Phillips Point towers for $282 million in January.

In downtown Miami, CP Group, which until recently was called Crocker Partners, along with funds managed by Rialto Capital Management and Sabal Capital Partners, bought One Biscayne Tower for $225 million.