Miami Investor Acquires Palm Beach Post Building

WEST PALM BEACH, FL—Tricera Capital of Miami has acquired the Palm Beach Post mixed-use building here for $24 million, according to multiple published reports.

Holliday Fenoglio Fowler, L.P. reports it arranged $20.30 million in financing for Tricera Capital’s purchase of the 360,000-square-foot building at 2751 South Dixie Highway.

The financing through Vaster Capital has a 24-month term and features a floating rate. HFF reports that loan proceeds were used by Tricera Capital to close on the off-market transaction as well as reposition the property.

The property is situated at the corner of U.S. Route 1 and Belvedere Road. The mixed-use asset comprises three main components, including approximately 230,000 square feet of office space across three buildings; a 120,000-square-foot warehouse building and an additional 3.66-acre lot currently being utilized as surface parking.

Scott Sherman, co-founder and managing principal of Tricera Capital, said in a prepared statement, “We are pleased to expand our portfolio across South Florida with this new acquisition and re-activate this amazing asset for the city and the Dixie Highway corridor.”

HFF’s debt placement team representing Tricera Capital included senior director Scott Wadler and associate Matthew McCormack.

“The vast wealth in the neighboring island of Palm Beach has begun to swell west of the intracoastal Waterway into Downtown West Palm Beach,” HFF’s Wadler says. “The Palm Beach Post property will benefit from the evolution of the CBD, while still remaining a value proposition relative to current office stock within the market.”

Cox Media Group affiliate Palm Beach Newspapers, a tenant of the building, sold the property to Tricera Capital. Last year, Cox Media sold the Palm Beach Post and the Palm Beach Daily News to GateHouse Media. However, Cox Media retained Palm Beach Newspapers’ real estate holdings, according to the Palm Beach Post.