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

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

Miami /
Jul.July 01, 2021 10:30 AM
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.

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.





    Related Articles

    arrow_forward_ios
    Miami-Dade office vacancies plateaued in 2021, while asking rents kept rising
    Miami-Dade office vacancies plateaued in 2021, while asking rents kept rising
    Miami-Dade office vacancies plateaued in 2021, while asking rents kept rising
    From left: Eric Witmondt, chief executive officer, Woodmont Properties and Donald Witmondt, chairman, Woodmont Properties (Woodmont Properties, LoopNet)
    Woodmont plans eight warehouses at Palm Beach Park of Commerce
    Woodmont plans eight warehouses at Palm Beach Park of Commerce
    Midtown Capital Partners nabs West Palm business park for $37M
    Midtown Capital Partners nabs West Palm business park for $37M
    Midtown Capital Partners nabs West Palm business park for $37M
    Ofizzina office tower in Coral Gables (TSG)
    Lease roundup: Consulate General of Barbados, NY investment firm moving to Ofizzina in Coral Gables
    Lease roundup: Consulate General of Barbados, NY investment firm moving to Ofizzina in Coral Gables
    From left: Alex Rodriguez and Barry Sternlicht (Getty Images, Starwood Capital Group, iStock)
    Starwood, A-Rod and partner buy South Florida single-family rentals to add to portfolio
    Starwood, A-Rod and partner buy South Florida single-family rentals to add to portfolio
    11349 Old Harbour Rd, North Palm Beach (Google Maps)
    Chicago real estate honcho buys waterfront home near North Palm Beach for $17M
    Chicago real estate honcho buys waterfront home near North Palm Beach for $17M
    Illustrated Properties taps longtime head of Alabama brokerage as president
    Illustrated Properties taps longtime head of Alabama brokerage as president
    Illustrated Properties taps longtime head of Alabama brokerage as president
    Eastdil Secured’s D. Michael Van Konynenburg and Roy March with The Brickell Bay tower at 1001 Brickell Bay Drive (Eastdil, 1001 Brickell Bay)
    Eastdil Secured to open first Florida office in Miami’s Brickell
    Eastdil Secured to open first Florida office in Miami’s Brickell
    arrow_forward_ios

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

    Loading...