Tricera Capital Buys FL Mixed-Use Property
- Mar 07, 2019
Tricera Capital has secured $20.3 million in financing to close on the off-market acquisition and repositioning of Palm Beach Post, a mixed-use property in West Palm Beach, Fla. HFF arranged the 24-month, floating-rate loan through Vaster Capital.
Located at 2751 S. Dixie Highway, the asset comprises 360,000 square feet across three components. These include a 230,000-square-foot office space across three buildings, a 120,000-square-foot warehouse building and a 3.6-acre lot currently used for surface parking. The property is situated within close proximity to U.S. Route 1 and Belvedere Road, minutes from Palm Beach International Airport.
The HFF team 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,” said Wadler, in a prepared statement. “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.”
Last month, HFF facilitated the $43 million sale of Pointe at Wellington Green, a 107,368-square-foot, LA Fitness-anchored shopping center in Wellington, Fla.
Image courtesy of HFF