LNDMRK, Tricera Capital buy Walgreens center for $4M
LNDMRK, led by Alex Karakhanian, and Tricera Capital — retail investors that are bringing new mixed-use projects to South Florida — dropped $4 million on a Walgreens retail center in Miami Shores.
LNDMRK and Tricera Capital acquired the 15,206-square-foot, single-story center at 9020 Biscayne Blvd. on Wednesday, according to Miguel Pinto, president and broker of the MiMo-based commercial real estate agency Apex Capital Realty.
Pinto, alongside his colleague Jamie Maniscalco, brokered the deal on behalf of the buyers and seller, the New York-based retail investment firm Forgson/Tri Realty. The center is sitting on a 1-acre lot.
“While Walgreens may remain, Karakhanian and Tricera may build a multifamily project,” Pinto said — playing into a growing development trend of repurposing retail centers.
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Walgreens has a remaining 20-year lease term, but Scott Sherman, co-founder and managing principal of Tricera, is looking at the long-term opportunity.
“Walgreens has a lot of term left on the lease, so this is a very long-term hold but we are young and this is one to tuck and hold in the portfolio. When Walgreens is up, we will have a great site for redevelopment,” Sherman said by email.
First National Bank of South Miami provided $2.5 million in the closing, according to a press release.
“This new acquisition adds a strong asset with in-place cash flow and long-term upside to our growing portfolio,” Karakhanian said in a press release.
The acquisition is the second joint venture between LNDMRK and Tricera Capital. The firms acquired a site in 2017 in the Miami Design District and are redeveloping it into a retail center.
LNDMRK and Related Group are developing The Dorsey in Wynwood, a 12-story mixed-use project, including apartment units, office, and retail space.
Tricera Capital has several commercial investments across South Florida, including owning and filling the retail component of Society Las Olas alongside Merrimac Ventures.
This story was originally published September 30, 2020 at 5:55 PM.
