Miami developer sells two area properties for nearly $27.5M

TAMPA — Tricera Capital, a Miami-based developer with significant holdings in the Tampa Bay market, has sold two properties it owns in the area.

The properties include a mixed used development in Tampa for $16.6 million and a former industrial property in downtown St. Petersburg for $10.85 million.

The 40,000-square-foot Tampa property is at 442 W. Kennedy Blvd., across from the University of Tampa and next to the Oxford Exchange. Mise en Place, a well-known restaurant, is currently a tenant in the building. Tricera bought the property for $8.5 million in 2018

The two-acre St. Petersburg property, which includes a 92,248-square-foot building, is at 20117th St. S., just east of Interstate 275 and a few blocks from Tropicana Field.  According to a statement announcing the sale, Tricera says the property spans from 18th Street South to 17th Street South along Third Avenue. The firm paid $6.5 million for the property in 2017.

Mill Creek Residential, a Boca Raton-based developer of multifamily communities, bought the St. Petersburg property. The buyer of the Tampa property was not disclosed and Hillsborough County property records have not been updated to show the sale, which was completed Nov. 19.

Tricera, in the statement, says despite the sales it still has a “significant portfolio” in the area and “continues to target potential acquisitions.”

According to its website, it now owns nine properties in the market.

“Early in our firm’s history, we identified both cities as areas with vast potential,” the firm’s co-founder and managing principal Ben Mandell says in the statement, adding its “seen our vision materialize, and there is still ample opportunity for further growth in the Tampa/St. Petersburg MSA.”