Tricera Capital has landed a $50.8 million refinancing of its mixed-use adaptive reuse project in West Palm Beach, Fla.
The refinancing was provided by Monroe Capital LLC and will allow Tricera to replace an existing loan and continue developing The Press, its nearly 360,000-square-foot retail and office project. Ackman-Ziff Real Estate Group’s Jason Krane and Simon Ziff arranged the financing, while Polsinelli was Tricera’s legal representative for the transaction.
In February 2019, Tricera acquired the 11-acre site at 2751 S. Dixie Highway, which was the former headquarters of the Palm Beach Post. Tricera broke ground in the fall of 2019 on a project that rebranded the property and repurposed the building where the newspaper had been printed.
Now known as The Press, the project is being delivered in phases and includes 125,000 square feet of retail, which will be named Shops at The Press, and 140,000 square feet of office space called Workspaces at The Press.
Red Door Construction was tapped by Tricera to construct The Press, while Storyn Studio was responsible for the project’s design. JLL’s Cameron Tallon is handling the office leasing for The Press.
Tricera signs with project’s first tenants
Tricera’s mixed-use project has already attracted several tenants for its retail and office portions. Joseph’s Classic Market, an Italian specialty market, is finalizing a long-term lease to take 15,000 square feet as The Press’ anchor tenant. The space for Joseph’s is expected to complete construction in mid-2022, according to Tricera.
The developer is also nearing completion of the project’s Starbucks location at the corner of Belvedere Road and South Dixie Highway, which is scheduled to open in June 2021. Tricera has also signed a lease with Tipsy Salonbar, a high-end beauty salon that will open its latest location at The Shops at the Press.
For the project’s office portion, Tricera has recently completed an extensive renovation of an existing four-story building on the site. The office component has already landed a lease with The Palm Beach Post, which signed a long-term agreement to occupy 35,000 square feet on the second floor. Other tenants at The Press include mortgage brokerage Blue Sky Financial and marketing agency Ideabar.