Tricera Capital joined forces with Miami Beach-based real estate investors Scott Robins and Philip Levine to buy Aby Rosen’s Lincoln Road retail building at a discount.
The joint venture paid $13.6 million for a single-story storefront at 318-334 Lincoln Road, according to a press release. An affiliate of RFR Realty, the New York-based firm founded by Rosen and Michael Fuchs, paid $20.5 million for the property in 2019, records show.
Last month, The Real Deal first reported that Rosen had reached a deal with Miami-based Tricera and its partners, who were unknown at the time. Half of 318-334 Lincoln Road is vacant and current tenants include Mr. Jones Miami nightclub, South Beach Munchies and Sweet Life Gelato Italian Ice Cream, the release states.
Eric Williams of JLL handled the listing on behalf of RFR, which was facing a pending foreclosure lawsuit on the property in Miami-Dade Circuit Court.
In January, Wilmington Trust, as trustee for lender Areit 2019-CRE3 Trust, sued RFR’s affiliate for allegedly defaulting on its November and December payments on a $17 million mortgage, and owed roughly $15.1 million, including principal and default interest.
Robins leads Miami Beach-based Scott Robins Companies, which has developed and owns several commercial buildings in the city. Levine is a former Miami Beach mayor who has partnered with Robins on some commercial projects. Last year, Levine sold a three-warehouse complex in Miami’s Wynwood neighborhood, known as the Whale & Star building. for $24 million.
Led by CEO Ben Mandell, Tricera focuses on urban retail, office and mixed-use projects. In May, the firm partnered with Miami Beach-based investor Michael Simkins and Alex Karakhanian’s Miami-based Lndmrk Development to purchase the ground-floor retail space of a recently completed mixed-use project in Wynwood.
The joint venture paid $22.5 million for 32,000 square feet at the base of Society Wynwood, a nine-story apartment building with 300 units.
Last year, Tricera acquired The Offices at Doral Square, an eight-story office building in Doral, for $28.5 million.