A partnership between Lion Development Group led by Michael Simkins, LNDMRK Development led by Alex Karakhanian and Tricera Capital led by Ben Mandell have closed on 32,000 square feet of ground-floor retail space at Society Wynwood for $22.5 million. Tricera and LNDMRK signed four leases pre-closing to fill about 50% of the leasable area to Starbucks, Nacho Daddy,Chama De Fogo Brazilian Steakhouse, and I Scream Gelato. Property Markest Group (PMG) and Greybrook, who developed the mixed use project, sold the retail portion for $22.5 million to the buyer group, and the deal closed on April 26. Jason Krane with Ackman Ziff helped source Seacoast Bank, the senior lender that financed the deal.
“Wynwood's growth over the last decade has been tremendous, and our team is excited to continue to play a role in elevating the community,” said Tricera Capital CEO Ben Mandell. “We have had success leasing at Society thus far and intend to continue our momentum with new leases soon to be announced.”
The property at 2431 NW Second Ave. is conveniently located in the center of the Wynwood Art District, within walking distance of many new restaurants and boutique businesses. Along with the ground-floor retail, Society Wynwood has almost 300 modern residential units and a private parking garage, making it a premier destination.
“We are excited to partner with Tricera and Lion on this transformative acquisition. The retail is situated in the core of the district, directly across from the Wynwood Walls, and continues to attracted premium tenants that want to be part of this vibrant community,” said Alex Karakhanian, Owner of LNDMRK Development. “Wynwood continues to grow and mature, becoming a neighborhood where living, leisure, and work can intertwine.”
Starbucks will occupy ~2,600 square feet of retail space at Society Wynwood. Las Vegas-born Nacho Daddy will occupy ~5,400 square feet,Brazilian Steakhouse Chama De Fogo will occupy ~5,520 square feet, and I Scream Gelato will occupy ~1,300SF.
