— Leave a Comment

Dated West Palm Beach Retail Development to Become Urban Village

By: Paul Owers, CoStar

After opening almost two decades ago near downtown West Palm Beach, Florida, the largest real estate development in the city’s history has a new name and focus, part of an evolution older centers nationwide are undertaking to appeal to millennials who prefer to shop online.

CityPlace, at 575 S. Rosemary Ave. , now is known as Rosemary Square, and The Related Cos. of New York says it is spending $550 million in the next five years to rebrand the aging outdoor center as an urban village to make it more of a destination that is different from other developments. West Palm Beach sits just across the Intracoastal Waterway from President Donald Trump’s Mar-a-Lago resort and other palatial properties in Palm Beach.

Similar retail transformations are happening at centers in and near Miami and across the United States as e-commerce gains more traction in the era of Amazon.

As Macy’s, Sears and other traditional retail heavyweights close stores, mall landlords are replacing them with innovative concepts and tenants that offer experiences to customers. Some owners are reconfiguring the spaces, adding apartments and even grocery stores , as a way to keep once-stale properties relevant.

“Not only do they have to be innovative and creative, but once the innovation becomes public, the shelf life is obviously shorter because everybody duplicates it,” said Michael Lagazo, an independent retail broker in San Diego.

“Shopping doesn’t hold our fascination as it did in the ‘70s, ‘80s and ‘90s,” added Neil Merin, a longtime South Florida broker and chairman of Merin Hunter Codman in West Palm Beach. “People want unique experiences.”

While the new name may be hard to get used to, CityPlace’s repositioning has merit, said Robert Granda, vice president of investments for the Marcus & Millichap brokerage in Fort Lauderdale, Florida.

“They had to do something,” Granda said. “CityPlace had a negative correlation. It was dying a very slow death.”

At first, the $375 million CityPlace was an image boost for West Palm Beach. The development helped the city attract locals who left Palm Beach County to drive south to bars and restaurants on trendy Las Olas Boulevard in Fort Lauderdale or to the swanky nightclubs on Miami Beach.

But CityPlace eventually grew stagnant, losing patrons to nearby downtown areas, including Atlantic Avenue 20 miles south in Delray Beach, Granda said.

Related Cos.’ investment in Rosemary Square includes adding a hotel and a 300,000-square-foot office tower while also turning a former Macy’s department store into a 21-story mixed-use building featuring residences and office space.

Click Here to view full original article | Click Here to view PDF

News Articles
— Leave a Comment

NEWS PICK-UPS: The Workspace at The Press

A few media organizations have picked up our Press Release on the firm’s new property management and leasing assignment of The Press, the former ±300,000 SF Palm Beach Post campus located at 2751 S Dixie Highway in West Palm Beach.

CRE-Sources: View PDF | View Article

Business Development Board of Palm Beach County: View PDF | View Article

Boca Raton Chamber: View PDF | View Article

Chamber of Commerce of the Palm Beaches: View PDF | View Article

BOMA: View PDF | View Article

General News Articles Property Management
— Leave a Comment

The Buzz! Beeline Commons coming to the Palm Beach Park of Commerce

NAI/Merin Hunter Codman tapped to lease the retail development at Beeline Commons.

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Palm Beach County’s leading commercial real estate firm, announces the retail leasing assignment of Palm Beach Park of Common’s Beeline Commons, 15519 Beeline Highway, 15279, 15319, and 15320 Commercial Circle in Jupiter. NAI/Merin Hunter Codman has partnered with Palm Beach Investment Property LLC to bring two 2,200-square foot quick service restaurants and a 5,600-square foot gas station/convenience store to the 9.54-acre Beeline Commons development.

All three sites will be located at the entrance of Palm Beach Park of Commerce to service the needs of the 70 existing businesses and 4,800 current employees. Additional area development plans include Kelly Slater’s Surf Ranch Florida surf park, TPA Group’s latest warehouse, a four-story medical office building and a 75,000-square foot, 120-room hotel. Pratt & Whitney and a major aviation complex also anchor the business park.

“The Beeline Highway area and Palm Beach Park of Commerce have become a destination for industrial users. With workforce growth comes the need for retail, Palm Beach Investment Property LLC purchased property in 2017 with that foresight in mind. NAI/Merin Hunter Codman is proud to partner with Beeline Commons in assisting to fill that need,” stated NAI/Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM.  The NAI/Merin Hunter Codman leasing team consists of Chairman, Neil E. Merin, SIOR, CCIM and Bruce Corn, Retail Services Group’s Managing Director. To learn more about leasing opportunities please call 561-471-8000.

Full Press Release | Leasing Information

General Press Releases
— Leave a Comment

PRESS RELEASE: Industry Leaders Recognizing Industry Leaders

NAI/Merin Hunter Codman receives top CoStar, South Florida Business Journal, SIOR, CCIM and NAIOP commercial real estate awards and recognition.

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Palm Beach County’s leading commercial real estate firm, has been recognized by top commercial real estate organizations: CoStar Group, Inc., Society of Industrial and Office Realtors (SIOR), Certified Commercial Investment Member (CCIM), National Association of Industrial and Office Parks South Florida Chapter (NAIOP), and the South Florida Business Journal, for 2018 commercial real estate transactions and property management.

CoStar Group, Inc., the commercial real estate analytic leader, recognizes professionals and firms who closed the highest transaction volume in their respective markets by awarding CoStar’s prestigious Power Broker Awards. NAI/Merin Hunter Codman has been a CoStar Power Broker Award recipient for 16 consecutive years. 2018 Power Broker awards include:

  • Top Sales Firm
  • Top Leasing Firm
  • Top Retail Leasing Broker, Bruce Corn

NAI/Merin Hunter Codman was also again recognized by the South Florida Business Journal in the 2019 Book of Lists as the #1 Property Management firm in Palm Beach County and #16 in South Florida. Rankings are a based on rentable square feet managed as of July 2018.

NAI/Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM was recognized by both SIOR and CCIM for 2018 transactions. Mr. Merin was listed in SIOR’s Top Transaction Award Winner and CCIM’s Biggest Deal of 2018 announcements. The firm was also a finalist for NAIOP South Florida Chapter’s 2018 Office Sale of the Year: Over $50 Million for their participation in the purchase of 1 East Broward, in Ft. Lauderdale, FL.  Jordan Paul, CEO of NAI/Merin Hunter Codman stated, “The market expertise provided by our team of professionals sets NAI/Merin Hunter Codman ahead of the pack. It is a true honor to be recognized as an industry leader.”

CLICK HERE to view the full press release.

Press Releases Transactions
— Leave a Comment

1 E Broward Nominated for NAIOP Award of Excellence

We’re thrilled that 1 E Broward was nominated for the NAIOP Award of Excellence for “Office Sale of the Year Over $50 Million”. 1 E Broward is a 351,705 SF Class-A office tower in downtown Fort Lauderdale. The $100 million-plus acquisition required extensive teamwork between the Seller, a local operating partner, and an institutional owner.

NAI/Merin Hunter Codman, Inc. would like to recognize CBRE, PCCP, SunTrust Bank, Shutts & Bowen and Kapp Morrison LLP for their parts in this complex transaction.

The Awards of Excellence are held annually and recognize various achievements in the South Florida commercial real estate market.

In addition to awards for the biggest and best of 2018, the evening also celebrated CBRE Senior Vice President Harry Tangalakis, who received the Lifetime Achievement Award.

Congrats to all nominees and winners!

The NAI/Merin Hunter Codman, Inc. team and guests enjoyed the Awards on 3/14/19 at the Fort Lauderdale Marriott Harbor Beach Resort & Spa.

Events Transactions
— Leave a Comment

Neil Merin Recognized as 2018 SIOR Top Transaction Award Winner

Please find an excerpt of SIOR’s Press Release below.

“SIORs are known around the world as the elite commercial real estate professionals in their respective market and specialty,” said Robert G. Thornburgh, SIOR’s Global President. “The Top Transaction Award Winners have truly distinguished themselves as the best of the best in the industry. We would like to congratulate all the recipients of this tremendous honor and for continuously delivering extraordinary results to their clients throughout the year.”

The top five transactions of the year are:

  1. David Schmidt, SIOR, and Stephen Gibson, SIOR, both of Colliers International, arranged the $245 million sale of 445,058 square feet of office space in Santa Clara, California;
  2. Damian Rivera, SIOR, of ESRP arranged the $110 million lease of 1,252,908 square feet of office space in Plano, Texas;
  3. Neil Merin, SIOR, CCIM, of NAI Merin Hunter Codman arranged the $108.5 million sale of 351,705 square feet of office space in Fort Lauderdale, Florida;
  4. Mark Detmer, SIOR, CCIM and Bo Mills, SIOR, of JLL arranged the $98 million sale of 1,009,387 square feet of industrial space in Phoenix, Arizona;
  5. Mark Zorn, SIOR, of Colliers International arranged the $94.2 million sale of 702,663 square feet of industrial space in Rialto, California.

SIOR has also recognized the Top 50 Office Deals, Top 50 Industrial Deals, Top 10 Office Sales, Top 10 Office Leases, Top 10 Office Investment and Top 10 Industrial Investment. For a complete list of the 2018 SIOR Top Transaction lists, click here.

News Articles Press Releases Transactions
— Leave a Comment

Office Buildings in a “War for Talent”

Enjoy the below excerpt from the article “Office Park Near Miami Becomes the Latest to Add Perks to Compete” by Paul Owers of CoStar.

Call it the Facebook effect. New high-tech campuses in California built by social media giant Facebook and search engine Google have spurred workplace makeovers across the nation, and building owners have taken notice. In those campuses, the key is to make the workplace a fun place to hang out, with game tables and available food, with one benefit being that workers may hang around the workplace longer. As more offices adopt the practice, others feel the need to keep up.

Pexels.com/Marc Mueller

Savvy landlords are giving their office buildings a sense of place and making them sites for “playful entertainment,” said Neil Merin, chairman of the NAI / Merin Hunter Codman brokerage in West Palm Beach, Florida. “That’s the way people prefer to work today,” Merin said.

Merin is working with the new owner of The Palm Beach Post building in West Palm Beach to turn a sterile conference room on the first floor into an inviting meeting space that could feature a coffee bar and lounge areas.

“A really hip hotel lobby – that’s exactly what I’m shooting for,” he said.

View Article Link | View PDF

News Articles Property Management
— 1 Comment

Hot Off “The Press”!

Out with the Palm Beach Post (campus) and in with The Press

— NAI/Merin Hunter Codman tapped to manage and lease former 300,000 square foot Palm Beach post campus. —

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Palm Beach County’s leading commercial real estate firm, is proud to announce the property management and leasing assignment of The Press, the former 300,000+ square foot, 11.4-acre Palm Beach Post campus located at 2751 S Dixie Highway in West Palm Beach. Tricera Capital acquired the campus for $24 million from Palm Beach Post Newspapers, an affiliate of Cox Media Group in early March 2019.

Tricera Capital, headed by Scott Sherman and Ben Mandell plans to transform the campus, now titled The Press, into a unique and innovative retail, entertainment and office space experience. The Press will consist of two concepts. The property’s warehouse component will be converted into The Shops at The Press and the office building will be transformed into The Workspace at The Press.

“Scott and Ben of Tricera Capital have vision, determination and knowhow. They are experienced redevelopers who successfully identify and develop unique and inspiring projects in sometimes older, over looked areas. Areas that are rich in history with properties that are begging for their unique stories to be told. NAI/Merin Hunter Codman is honored to partner with Tricera, to tell the story of The Press”, stated NAI Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM.

The NAI Merin Hunter Codman leasing team consists of Chairman, Neil E. Merin, SIOR, CCIM and Commercial Associates Christopher T. Smith and Jaime Chamberlin. To learn more about leasing opportunities please call 561-471-8000. 

CLICK HERE to view the full Press Release

Press Releases Property Management
— Leave a Comment

EVENT: 2019 Honda Classic Broker Event

MHC and Fairway Office Center are happy to have hosted the highly anticipated broker event of the year, our 7th Annual 2019 Honda Classic luncheon.

Our exclusive guests par-tee’d at the 7108 Fairway building with a gourmet BBQ lunch, libations and prizes. After plenty of fun, food and laughs the brokers were shuttled to PGA National where they received Bear Trap access to enjoy the tournament.

This eagerly awaited event aims to showcase the available Class-A office space at Fairway Office Center. Fairway consists of three office buildings situated on a 16-acre campus within the PGA National Resort and Spa Community. Click here for more property information and to view current availabilities.

Events