PRESS RELEASE: NAI/Merin Hunter Codman Executes $2,725,000 Sale of Vacant Former CVS in Boca Raton

— Chairman, Neil E. Merin, SIOR, CCIM and Principal, Spencer S. Grossman represented the seller, Kimberly Estates II, LLC, in the 11,200-square-foot transaction —

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, would like to congratulate its Chairman, Neil E. Merin, SIOR, CCIM and Principal, Spencer S. Grossman on the $2,725,000, $243 per square foot, sale of 10055 Yamato Road in Boca Raton. NAI/Merin Hunter Codman represented the seller, Kimberly Estates II LLC in the sale of the 11,200-square-foot former CVS building constructed on 1.30 acres. Andy Mandel a Broker with RE/MAX Advisors represented the purchaser, Nexgen Legacy Group LLC.

NAI/Merin Hunter Codman Principal, Spencer S. Grossman reported, “Our client, which had owned the property for nearly 12 years, was ready to dispose of the asset as it no longer fit their investment criteria. The day the property hit the market multiple offers were received and we were able to negotiate a great deal for our client. The property traded for just under the asking price as it is rare to find well-built buildings on hard corners in Boca Raton.”

Neil E. Merin, SIOR, CCIM, Chairman of NAI/Merin Hunter Codman added, “Maximum asset value, despite vacancy, is the highlight of this transaction. Through NAI/Merin Hunter Codman’s three decades of local market expertise we were able to correctly price and position the asset which ultimately allowed us to find the right buyer.”

The purchaser, Nexgen Legacy Group, LLC, plans to convert a portion of the property for its own businesses and build-out an executive suite operation in the remainder of the space.

CLICK HERE to view the full release.

About NAI/Merin Hunter Codman
NAI/Merin Hunter Codman, www.mhcreal.com, is one of South Florida’s leading commercial real estate services firms with over three decades of experience advising clients on strategic acquisitions and dispositions and providing landlord representation, tenant representation, property management and construction management services. The firm has expertise in all commercial property sectors including office, retail, industrial, multifamily, hotels and land. NAI/Merin Hunter Codman’s client base includes some of the nation’s most prestigious institutional and private equity investors. Operating as part of the NAI Global network, NAI/Merin Hunter Codman can facilitate property transactions around the nation and the world, serving as a single point of contact for its clients’ counsel and execution. NAI/Merin Hunter Codman is headquartered in West Palm Beach, Florida with regional offices in Boca Raton, Fort Lauderdale, Palm Beach Gardens and Wellington.

Press Releases

2018 Top Deal Deal Makers Share Their Trade Secrets

EpubXpress

History repeated itself with another banner year for CCIM designees. While the office sector dominated deal flow yet again, multifamily, retail, industrial, and land sectors also saw strong investment. But what about the people behind these deals? CIRE spoke with the CCIM designees recognized with the biggest deals from our 2018 issues to discover their secrets to big deal success and what they see in their crystal balls for 2019.

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EVENT: Opportunity Zone Luncheon & Panel

Over 25 area professionals enjoyed an informative panel discussing the latest updates on the Opportunity Zone program, a product of the 2017 Tax Cuts and Jobs Act, created to spur investment in designated low-income communities. The creation of Qualified Opportunity Funds, the vehicle through which such investments are to be made, presents a tax incentive for real estate investors, private equity, venture capitalists, family offices, and individuals. NAI/Merin Hunter Codman was happy to host the event at our West Palm Beach office on Wednesday, November 28th.

Panelists from NAI/Merin Hunter Codman (Neil Merin), EisnerAmper (Steve Kreinik), Shutts & Bowen (Logan Gans) and UBS (Scott Martinho) discussed:

  • Qualified Opportunity Zone designations in South Florida
  • QOF qualification
  • Deferral of gains and basis step-ups
  • Updated guidance from Treasury and IRS
  • QOF interaction with other tax incentives
  • State tax implications

Enjoy pictures below. For more details on the Opportunity Zones program please contact Christopher Smith at 561-614-4007 or email him at csmith@mhcreal.com.

 

Events

PRESS RELEASE PICK-UPS: 951 Yamato / PBC’s Largest Transaction of 2018

Several media organizations have picked up our Press Release on the TherapeuticsMD lease transaction at our 951 Yamato property in Boca Raton. The deal is the largest lease transaction in Palm Beach County for this year.

CoStar Group – View PDF | View Article

South Florida Business Journal – View PDF | View Article

Sun Sentinel – View PDF | View Article

CRE-Sources – View PDF | View Article

Boca Chamber – View PDF | View Article

Chamber of Commerce Palm Beaches – View PDF | View Article

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NAI/MERIN HUNTER CODMAN STRUCTURES ONE OF PALM BEACH COUNTY’S LARGEST TRANSACTIONS OF 2018

 

NAI/MERIN HUNTER CODMAN STRUCTURES ONE OF PALM BEACH COUNTY’S LARGEST TRANSACTIONS OF 2018

— TherapeuticsMD signs 56,212-square foot lease at 951 Yamato —

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is pleased to announce that it completed one of the largest office lease transactions in Palm Beach County this year with TherapeuticsMD, Inc. (NASDAQ: TXMD). TherapeuticMD, Inc. is an innovative women’s healthcare company. Jay M. Grossman, President and Director, and Richard W. Brockney of NAI/Merin Hunter Codman represented the Landlord, 951 Yamato Acquisition Company LLC, an affiliate of Brookwood Financial Partners, LLC. Mollie McDonough, Senior Vice-President of Butters Realty & Management represented the tenant.

The long-time Boca Raton based pharmaceutical firm, TherapeuticsMD, Inc., received three FDA product approvals since May and has outgrown its 32,000-square foot location.

When asked why TherapeuticsMD chose 951 Yamato, Josie Weitzel, Director of Corporate Operations, stated “After two long years of researching facility options in the Palm Beach County area, we finally found a space that will offer an open space floor plan, which will allow for a more cohesive and collaborative environment to meet the needs our current and future staff.”

NAI/Merin Hunter Codman President, Jay M. Grossman added, “951 Yamato was well suited for the tenant’s need with its large floor plates. In addition, the ability to find large blocks of office space to accommodate headquarter-sized tenants in Boca Raton is diminishing. The few that can be found are priced at the top of the market, located in less convenient areas, and many lack modern, Class-A features and amenities. 951 Yamato recently completed a million-dollar, environmentally friendly property improvement program to ensure that it remained a first-choice for large office space users. With the signing of the TherapeuticsMD lease and other recent leases, the building is now 89% leased.”

Current plans are to build-out two additional spec suites, that will be delivered in the first quarter of 2019, and a 2,000-square foot conference center for the use of all 951 Yamato tenants. For more information, contact NAI/Merin Hunter Codman President, Jay M. Grossman, or Director, Richard W. Brockney at 561-394-5200.

About Brookwood
Brookwood, www.brookwoodfinancial.com, is a nationally-recognized private equity real estate investment firm that specializes in acquiring and managing value-add commercial real estate and other real estate-related operating businesses.  Since its founding in 1993, Brookwood has invested over $995 million of equity to acquire a portfolio of 200 commercial real estate properties, seven operating companies, and 112 gas stations with convenience stores, with a total capitalization of over $2.5 billion.  The portfolio has spanned multiple asset classes, geographical markets, and industries throughout the United States.

About NAI/Merin Hunter Codman
NAI/Merin Hunter Codman, www.mhcreal.com, is one of South Florida’s leading commercial real estate services firms with over three decades of experience advising clients on strategic acquisitions and dispositions and providing landlord representation, tenant representation, property management and construction management services. The firm has expertise in all commercial property sectors including office, retail, industrial, multifamily, hotels and land. NAI/Merin Hunter Codman’s client base includes some of the nation’s most prestigious institutional and private equity investors. Operating as part of the NAI Global network, NAI/Merin Hunter Codman can facilitate property transactions around the nation and the world, serving as a single point of contact for its clients’ counsel and execution. NAI/Merin Hunter Codman is headquartered in West Palm Beach, Florida with regional offices in Boca Raton, Fort Lauderdale, Palm Beach Gardens and Wellington.

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EVENT: Heroes for Education 5K

NAI/Merin Hunter Codman is happy to be a sponsor of the fifth annual Heroes for Education 5k Run/Walk that took place on November 3rd at Bryant Park in Lake Worth.

The Education Foundation of Palm Beach County is a great non-profit organization that partners with the School District of Palm Beach County to fund over $1.5 million in programs that the schools could not otherwise afford. These include providing high-risk students with Graduation Coaches, training for Financial Literacy and the establishment of the Red Apple Supply Store.

Our REAL Leaders had a great morning at the beautiful course that bordered along the Intracoastal. Enjoy some photos below and click here to see how you can be a hero for education!

 

Events NAI REAL Leaders

VOLUNTEER EVENT: Freedom Riders Academy

Our REAL Leaders had the pleasure of volunteering at Freedom Riders Academy, a non-profit foundation that focuses on rescuing horses that have been abused, malnourished and are days away from slaughter, the morning of October 26th. Freedom Riders Academy has programs in place that heal these horses and help humans, creating a foundational connection between both beings.
Our group worked hard pulling weeds from the pastures, with encouragement from a few equine friends.

Find pictures below and CLICK HERE to learn more about the organization!

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NAI REAL Leaders

5 Steps to Designing Retail Space with Experiences in Mind

As the retail industry continues to evolve, it’s important for retailers to continue to offer more than just a product. Consumers are looking for true experiences when they go shopping and having this level of engagement can set your retail space apart from competitors.

Here are five steps to designing retail space with experiences in mind whether you are a seasoned retailer looking to revamp your space or a new retailer entering the market.

1. Associates Should Transition from Salesperson to Expert

Retailers who want to stay competitive need to ensure that they are training their employees to become more than a salesperson and transition into an expert guide to the service or product. You need to have a retail space that is designed to accommodate your employees and help them relate better to shoppers. They need to relate to consumers in a memorable way and blur the lines between employee and customer.

2. Offer a Hands-On Experience

Make the retail space truly interactive by allowing your consumers and shoppers to use the product in the store. Try to determine how best to showcase your product in unique and different ways that offer a true experience. This goes along with having associates who are true experts on the product and can offer guidance when consumers are testing it out. If a consumer can truly experience the product before buying it, they are less likely to return it, which can help boost sales.

3. Bring Your Website In-Store

Enhance the brick-and-mortar experience by letting shoppers browse your online store while at your physical location. This can be a great value-add experience and can help drive traffic to your physical stores. This can be a great tool if you have multiple store locations or warehouses and don’t carry the same inventory in every store. Allowing customers to browse your e-commerce offerings in-store shows them products that you may not have on site. If they see something they’d like to purchase, one of your associates can place the order for them and ship it right to their doorstep.

4. Change the Checkout Experience

You would be surprised at how many people choose not to purchase an item based on how long the checkout line is. Research from Irisys shows that Americans will abandon a checkout line and leave a store after eight minutes of waiting. This means you need more than just traditional checkout lines. Apple has adopted the option to checkout via a mobile device where associates can go to the consumer when they are ready to check out.

5. Offer Immersive Experiences

If you want to really make a long-lasting impression on your customers, create a retail environment that grabs their full attention. Retailers are beginning to create an experience by using technology like Virtual Reality. IKEA even opened a concept called The Dining Club, which is a temporary pop-up store that allows guests an opportunity to run their own restaurant built with IKEA products. This offers an experience and brings brand and product awareness in a subtle way.

About NAI/Merin Hunter Codman

Through our corporate services group, NAI/Merin Hunter Codman provides value-added tenant representation and corporate services for corporations with local, national or worldwide real estate needs. The firm serves as a single point of contact, whether for one property or hundreds of properties or leases. We assist in evaluating opportunities, optimizing existing portfolios, planning new facilities, site selection, and managing and leasing corporate facilities, aided by award-winning technology that allows the firm to monitor and flag every step electronically, tailored specifically to client needs. Electronic monitoring is available for client review from anywhere in the world and can track everything from the real-time status of leases up for renewal and milestones in capital improvements to the progress of planned developments.

– Tenant/Buyer representation
– Demographic, market data & feasibility analysis
– Relocation studies
– Property, facilities and asset management
– Due diligence
– Investment acquisition/sales
– Development/redevelopment analysis
– Structured lease finance

NAI/Merin Hunter Codman’s history of prestigious clients includes BP Amoco, Wackenhut, Nextel, Walgreens, Spring, Amdahl, Oasis Outsourcing, GTECH Corp., Jennifer Convertibles, Daleen Technologies, Christofle, Christian Dior, Foster Wheeler Environmental Corp., Lydian Private Bank, and many others.

General

NEWS PICK-UP: Spencer Grossman Represents Buyer in $495,000 Sale

KW Commercial Executes Record-Breaking Sale of Belvedere Tattoo Parlor

New area expansion spurs demand for previously unwanted buildings in the East Belvedere Corridor.

WEST PALM BEACH, FLORIDA, UNITED STATES, October 12, 2018 — Palm Beach-based Keller Williams Commercial Real Estate announced today that Managing Agent Brad Kuskin recently represented the seller in the $495,000 sale of a 2,000-square-foot former tattoo parlor on the eastern portion of Belvedere Road. The transaction price of $248 per square foot represents a five-year record for proportionate sales prices along the East Belvedere Road corridor.

KW CRE negotiated the transaction on behalf of long-time Boynton Beach resident who had initially purchased the property in 1997 for $75,000. Buyer-agent Spencer Grossman of NAI/Merin Hunter Codman represented the local buyer, Farm To Family, LLC, who intends to utilize the building as a vegan-oriented meal delivery preparation facility. The well-positioned location on Belvedere provides the Buyer with direct access to affluent El Cid and Palm Beach Island communities. The acquisition was contingent on the relocation of an existing tattoo parlor and South American boutique, who had previously occupied the building under annual leases.

“Transaction terms were finalized only days after initially listing the property, which clearly illustrates the growing strength and allure of the southern West Palm Beach neighborhoods, particularly in well-positioned older buildings. Many downtown buildings have extremely passive owners, who don’t align lease structure with current market trends, offering additional value to long-term business operators and investors,” said Kuskin. “We worked through several unique challenges related to the tenants and provided our client with maximized value based on a very dynamic market and potential user base. KW Commercial managed expectations of all parties while directly addressing concerns of tenants forced into relocation and early lease termination. It was a testament to the work of agents on both sides who worked to close the transaction promptly and at the originally negotiated terms.”

“Keller Williams Commercial Real Estate has the unique footprint and breadth to provide clients the benefit of expansive transaction experience and rock-solid relationships throughout the South Florida market,” said Kuskin. “Our national scope, combined with our commitment to a superior level of client service, allows us to provide unparalleled market insight, leading to strategic investment and liquidation initiatives, ultimately leading to maximized transaction efficiency.”

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