Welcome to NAI/Merin Hunter Codman's commercial real estate focused press releases, news pickups, market reports, transactions, property and social service event postings.
Please enjoy the following excerpt from the original article by Brian Bandell, Senior Reporter, South Florida Business Journal. View Link | View PDF
NAIOP South Florida also shared details about this deal. View Link | View PDF
Customer service and technology firm HappyOrNot Americas will move into a larger office, where it plans to hire dozens of employees
The Finland-based company, which runs customer service platforms such as kiosks, leased 9,004 square feet at 1690 Congress Ave., Delray Beach for the headquarters of its U.S. operations. It will relocate from 701 Northpoint Parkway, North Palm Beach.
Please enjoy the below excerpt from the original article “A new luxury expedition-focused cruise line will soon call Florida home” by Ken Storey at Orlando Weekly. View Article | View PDF
From Virgin to Ritz Carlton, the luxury cruise industry grows larger every day, and with it, Florida continues to dominate the industry. Now yet another cruise line has decided to make Florida its home. According to posts by the company on LinkedIn and comments by real estate firm NAI/Merin Hunter Codman, Mystic Cruises USA, the North American division of the new boutique luxury cruise line Mystic Cruises, will be headquartered in Fort Lauderdale.
Image via Mystic Cruises
Mystic Cruises USA is just the latest cruise line to pick Florida for its headquarters. Disney Cruise Lines is headquartered in Celebration with Royal Caribbean and Carnival both based out of Miami. Soon-to-launch cruise lines Virgin Voyages and Ritz-Carlton Yacht Collection will be headquartered in Plantation and Coconut Grove, respectively.
Our REAL Leaders had the pleasure of volunteering at the Red Apple Supplies store on Friday, July 19th. While any time is a good time to volunteer, summer is especially important as they gear up to supply local back to school initiatives with everything students will need to have a successful academic year.
MHC REAL Leaders: (left to right) Andrea Brauner, Joan Garrick, Natalie Menn, Carey Kingree, Chris Smith and Jordan Paul
Red Apple Supplies, a program of the Education Foundation of Palm Beach County, is a free teacher resource store that provides school supplies at no-cost in high-needs, Title I public schools. They support over 50 schools where 95% and higher of students come from low-income families and struggle to afford essential school supplies. Teachers shop for free supplies, all of which are purchased/donated by the community.
This week marks the 50th anniversary of the Apollo 11 mission that changed the course of humanity and space as we know it. “One small step for (a) man, one giant leap for mankind.” With the launch site, NASA’s Kennedy Space Center, in our backyard, it’s no wonder that our home state is poised for aerospace greatness.
The State of Florida represents the very best in
space-related technology, innovation, business venture and exploration.
Aerospace and aviation industry leaders continue to make Florida their launch
pad for new discoveries, businesses and technologies.
Florida’s aerospace industry has diversified strengths,
highlighted by:
Rocket launching and landing at the Cape
Canaveral Spaceport
Development of navigation and guidance control
systems in Orlando and Clearwater
Manufacturing of rocket engines as well as
advanced helicopter systems in West Palm Beach
Small satellite development in Gainesville
Significant MRO centers around the state, with
particular strength in Miami, Jacksonville, Melbourne, and the Pensacola to
Panama City corridor
Business jet R&D and manufacturing in
Melbourne
Additionally, Florida is a hub for the growing commercial
space industry, with current and planned major operations for path-breaking
companies such as SpaceX, Blue Origin and OneWeb Satellites.
Space Florida is the state’s aerospace economic development agency and has one simple mission: MAKE FLORIDA THE PLACE FOR SPACE. They are uniquely empowered by the State Florida with robust tools to aid companies in aerospace and related industries. Space Florida has conducted more than $500 million in financing transactions since 2000, allowing a number of companies to defer upfront capital costs on favorable terms as they grow their operations in Florida.
“Vision 2020” is Space Florida’s strategy to target 10
commercial markets in the coming years that will fully utilize Florida’s space
launch and processing capabilities, existing skilled workforce, and
infrastructure assets. These markets are expanding their use of space-based
technologies every day, and Florida plans to become a critical part of the
launch, processing, integration and supply chain opportunities that will
result.
Space Transportation and Technologies Support Systems
Satellite Systems and Payloads
Ground and Operations Support Systems
Agriculture, Climate and Environmental Monitoring
Civil Protection and Emergency Management
ISS and Human Life Sciences
Communications, Cybersecurity and Robotics
Adventure Tourism
Clean Energy
Advanced Materials and New Products
In business, location is everything. Florida is the ONE commercial space hub that can meet all aerospace business needs TODAY. Here you can currently launch, land, manufacture, co-locate, collaborate and more. From move-in ready facilities, financial and infrastructure resources, a highly trained workforce, NASA and Air Force support and mission-proven launch/landing facilities, locating or expanding in Florida is one business decision made easy.
How can we help you? NAI/Merin Hunter Codman is one of South Florida’s leading commercial real estate firms and the largest in Palm Beach County. We have 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. To learn more about our services click here.
Move over, Silicon Valley – there are some new players in the game.
The tech industry’s steady growth rate is
causing tech hubs to sprout up all over the country. It isn’t just centered
around big cities or coastal oases, it’s
everywhere. In fact, the expanding tech industry is responsible for leasing a
large portion of the country’s office spaces. This is huge, not only for tech
giants but also for investors.
Commercial investors need to keep up with the
latest tech trends in order to find the best assets, and it’s always smart to
get ahead of the game. Finding these small areas before they explode into
popular hotspots is key to dominating the industry. Here are 3 tech-centric
areas which are currently CRE’s best-kept secrets.
As a small business looking to make its mark
on the world, starting out is never easy. Up and coming businesses face all
sorts of issues and setbacks – sometimes it even feels like the turbulence will
never end. These complications stand as rites of passage for all growing
businesses, and the silver lining of success always remains in sight.
When everything else comes with its own set of
dilemmas, there’s one thing that can be easy. Yes, we said it – easy. Finding a home for your developing
business doesn’t have to be an arduous process. By following this expert
advice, you’ll be able to find a city that’s perfect.
It’s 2019 and experience is everything. The
focus on experience has been steadily growing, and it’s become a full-blown
obsession in nearly every major industry. CRE is no stranger to the concept of
created experiences, and some sectors are totally dominating the game.
Let’s look at how
these 4 rockstar CRE industries are utilizing created experiences to stay
current and attract business.
Please enjoy excerpts below from the original article by Alexandra Clough, Business Writer at the Palm Beach Post, featuring insights from Neil Merin. View PDF | View Article Link
The Northbridge Centre office tower last week traded hands for $98 million, as investors continue to pour money into West Palm Beach property. The 21-story office tower at 515 N. Flagler Drive sold to 515 N. Flagler Drive Owner LLC, a partnership of C-III Capital Partners and Vanderbilt Office Properties, according to sources. The tower’s prior sale was in 2016, when it sold for $68 million.
Photo credit: ThePublishedReporter.com
The Northbridge sale took place after its recent owners, Connecticut-based Greenfield Partners and Crocker Partners of Boca Raton, spent three years and an estimated $15 million upgrading the office complex.
The black-glass office tower, nicknamed the Darth Vader building, underwent a renovation that included upgrades to its lobby and common areas and the construction of a conference facility. Some space was built out for prospective tenants, too.
The 294,000-square-foot Northbridge leased up with law firms and hedge funds but reportedly lost out on a big tenant, WeWork, the trendy co-working space. Word is WeWork took a hard look at Northbridge but decided not to lease space in West Palm Beach. Instead, the co-working space leased four floors in a new office tower in Miami.
As it stands, Northbridge still has plenty of vacant space, at a time when two new office complexes, Rosemary 360 and One West Palm, are being built.
Peter Reed, Managing Partner of Commercial Florida Realty Services, which handled Northbridge’s leasing, said new tenants such as Evercore Wealth Management and Atlantic Street Capital bolstered the county’s efforts to brand downtown West Palm Beach the “Flagler Financial District.” Law firms such as Fisher Potter Hodas also took space in the tower, which Reed, a golf aficionado, said was a “chip shot” away from the courthouse.
Nevertheless, Neil Merin, chairman of NAI/Merin Hunter Codman in West Palm Beach, said the office tower still has about 54,000 square feet of vacant space. Merin said two full floors remain vacant, meaning that tenants wanting to be on the water still have good choices for space.
360 Rosemary Square, a 297,000 SF Class-A office development coming to West Palm Beach. Photo Credit: www.rosemarysquarewpb.com
Brokers characterized the West Palm Beach office market as a “move around market,” with new office buildings usually poaching tenants from existing buildings. Few large new office users come to the market. The Comvest deal is a perfect example of this trend, they said.
This fact contradicts statements by developers, business and government leaders who maintain there is an immediate and desperate need for more Class A space downtown.
Merin said in the short term, the supply of office space might swell to more than 786,000 square feet with the addition of two more office complexes, keeping office rents in check.
In the long run, however, Merin expects downtown West Palm Beach’s office space will fill up as more financial and business firms move to Florida from high-tax states in the Northeast.
