Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman

Sherman is launching his own firm, Torose Equities

From left: Scott Sherman and Ben Mandell (Tricera Capital, iStock)
From left: Scott Sherman and Ben Mandell (Tricera Capital, iStock/Photo Illustration by Steven Dilakian for The Real Deal)

UPDATED, May 19, 2:50 p.m.: Tricera Capital’s co-founders are going their separate ways, with Ben Mandell now controlling a majority stake in the Miami investment firm, The Real Deal has learned.

Mandell took over as CEO, while Sherman will take a seat on the firm’s new advisory board, according to a statement provided to TRD. Sherman is keeping some control and ownership of legacy deals as required in the agreement, a spokesperson said.

Sherman is launching his own firm, Torose Equities, according an e-blast.

Mandell and Sherman, once executives at competing firms, launched Brickell-based Tricera in early 2017.

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Mandell previously was a managing director at RKF, while Sherman was vice president of acquisitions at Thor Equities. Over the past five years, they focused on urban street retail within large-scale developments. Tricera now has more than 35 properties totaling about 2.7 million square feet across the Southeast, and about $1 billion in assets under management, according to a press release.

Sherman will be part of the seven-person advisory board Tricera is creating. Both he and Mandell declined to be interviewed, but in a written statement, Sherman said he and Mandell “mutually agreed that this is the best path forward for Tricera Capital.”

Mandell also said in a statement that the two partners “concluded that we have different visions, and that the time was right to make this leadership change.” He added that he plans to get back to Tricera’s “roots as a forward-thinking, contrarian real estate investment firm” that focuses on retail and office in dense, vertical markets.

Among Tricera’s recent deals, it and Merrimac Ventures sold the retail component at Society Las Olas in Fort Lauderdale in February for $17 million to an entity linked to Adam Neumann. Last year, Tricera and David Edelstein’s Tricap, the Related Group and Lndmrk Development purchased a Wynwood development site for $26.5 million.

Tricera also redeveloped the former Palm Beach Post campus in West Palm Beach into a mixed-use project called The Press.