PRESS RELEASE: MHCommercial Real Estate Fund and Contrarian Capital Management Acquire Lakewood Ranch Office Property

For Immediate Release: June 14, 2021

MHCommercial Real Estate Fund and Contrarian Capital Management Acquire Lakewood Ranch Office Property from The Dilweg Companies – 9000 Town Center Parkway – for $20,250,000

West Palm Beach, Fla. – MHCommercial Real Estate Fund LLC (“MHC”) a Florida based discretionary private real estate fund has formed a joint venture with Contrarian Capital Management, LLC (“Contrarian”), a Connecticut based hedge fund, to acquire 9000 Town Center Parkway, a 101,312 SF, Class-A office building located in Lakewood Ranch, Florida for $20,250,000.

Cushman & Wakefield’s Rick Brugge, Mike Davis, Rick Colon, and Dominic Montazemi represented the seller, The Dilweg Companies, in the transaction with support from Zach Eicholtz and Brooke Tulley. “9000 Town Center is a high-quality, Class-A office asset in a high barrier to entry location within Lakewood Ranch,” Brugge said.

9000 Town Center, a two-story building, was originally developed in 1998 as a single-tenant build-to-suit that has been solely occupied by TriNet USA, Inc. (NASDAQ: TNET) until recently. The property is located east of I-75 on 11.28 acres within the master-planned community of Lakewood Ranch with a parking ratio of 5.84/1,000 SF.

Brokerage Press Releases Transactions

Medical Real Estate Buzzword Alert: MEDTAIL / PBC Medical Society Article

The following article was written by Lesley Sheinberg, Managing Director at NAI/Merin Hunter Codman, and published in the Palm Beach County Medical Society’s 2021 Q2 On-Call issue. View Link | View PDF

We are now a year past the pandemic outbreak. Vaccines are being rolled out, new case rates are declining, and people are starting to venture out again. If you haven’t noticed, I challenge you on your next trip to your local retail strip or larger shopping center to look for new, non-traditional retail tenants. Perhaps next to your trusty dry-cleaner or favorite specialty food store you will notice that bright and shiny new healthcare clinic?

THIS TREND IS REFERRED TO AS “MEDTAIL”, MEDICAL TENANTS FOUND IN TRADITIONALLY RETAIL CENTERS.

Retail property investors and landlords realize many medical tenants offer strong credit and desire long-term leases. They are happy to negotiate creative terms to medical users in order to fill vacant space left by traditional retailers who did not survive or downsized during lock-downs.

Creative terms aren’t just offered to medical clinics, increased retail space use is also projected for primary care, counseling, and mental health, many of which offer both telehealth and a convenient physical location with patient-friendly amenities like a great parking spot and their favorite cup of Joe.

If your practice is looking for a high-visibility location in a high-traffic center or if you are entertaining the idea of investing in a retail plaza, perhaps offering multiple medical services, I can help.

Brokerage News Articles

BDB Event – The Great Wealth Migration

On Thursday, June 10th, the Lake Pavilion in Downtown West Palm Beach was buzzing with excitement as elected officials, business leaders, developers, and real estate professionals gathered in person for the Business Development Board’s Reception, which provided an informative panel discussion on how our community can serve the current migration of companies and their employees coming from New York, Boston, Connecticut, and California regions.

“We’ve done a lot right to get to get this point,” Harvey Oyer III (Shutts & Bowen LLP) said, as panelists Neil E. Merin, SIOR, CCIM (NAI/Merin Hunter Codman), Jon Blunk (Tower Commercial Real Estate), and Gopal Rajegowda (Related Southeast) talked about the current and future challenges our area faces as we continue to welcome more new businesses and residents in Palm Beach County.

And who wouldn’t want to move here? With the area’s robust attractions, great weather, and favorable taxes it seems to be a no-brainer. While the pandemic certainly accelerated this migration, it was one that was already in motion. Neil shared, “It’s taken us from a trickle to a river, and we’re going down the stream.”

Businesses moving down include top financial services firms (including Goldman Sachs), bringing with them C-Suite executives as well as a younger and highly educated workforce. The “Wall Street South” slogan has been picking up steam. Mr. Oyer dubbed it “the greatest wealth migration” we’ve experienced.

Brokerage Events

NAI/Merin Hunter Codman Named Champion of Education

We’re proud to have been named a Champion of Education by the Education Foundation of Palm Beach County. View Original Post | View PDF

Drive around Palm Beach County and admire the skyline of office buildings that make up much of the county’s corporate scenery.  Finding just the right location to do business is essential and NAI/Merin Hunter Codman helps their clients do just that. NAI/Merin Hunter Codman is one of South Florida’s leading commercial real estate firms and the largest firm in Palm Beach County, Florida 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.

This global company is deeply committed to public education and is one of the Education Foundation’s long-serving Champions of Education and community partners who embrace the vision of hope and opportunity for today’s students as they aspire to become tomorrow’s leading workforce.

NAI Merin Hunter Codman’s volunteer program provides their employees opportunities to engage in the community to see the work they do is not only contributing to the overall success of the company, but also helping an important cause, like public education.

NAI Merin Hunter Codman’s team spirit and commitment to education is evidenced in the many ways they support the Education Foundation. Their team spirit can be seen every step of the way during the annual Heroes for Education Run/Walk where their goal is to support the whole student, emphasizing physical health along with academic success. Red Apple Supplies has also been the recipient of their boundless energy where many hours were spent volunteering to sort and stock shelves with school supplies.  Many of those supplies were donated through the company’s drive which supported the Foundation’s annual school supply drive campaign.  Supply drives and volunteerism are what makes Red Apple Supplies a tremendous success.  This year alone, the program has provided more than $1,000,000 in free classroom resources for students and teachers in 63 partners schools throughout the county, thanks to companies like NAI Merin Hunter Codman.

The committed company also supports the Education Foundation’s annual GoTeach! Classroom Grants which award teachers’ innovative ideas bringing them to life in the classroom. Now, the team is putting its support behind the Spark Summer Learning Initiative, which will provide books to students in need to encourage reading during summer vacation.

The Foundation is fortunate to have NAI/Merin Hunter Codman, Inc.’s CEO, Jordan Paul, as a dedicated and engaged Education Foundation Board of Director. Jordan additionally serves on the Finance and Program and Grants Committees.  His thought leadership has guided the opening of Red Apple Supplies in 2016 and continues to strategically help the program as it continues to expand. Jordan’s commitment to high-quality education is evident in all he does. From volunteering alongside his team at Red Apple Supplies to leading grant writing workshop for teachers and scoring teachers’ grant applications,

Jordan is instrumental to helping carry out the mission of the Education Foundation of Palm Beach County.  He comments, “Palm Beach County is in the midst of a tremendous period of growth.  Nothing is more important to the county’s long-term success than the quality of our public schools.  NAI/Merin Hunter Codman, Inc. is proud to support the Education Foundation of Palm Beach County in its mission to ensure that all children in Palm Beach County have access to a first class education and the resources needed to realize their full potential.” 

Jordan and his team continue to advocate for public education and the future looks bright because of such dedication as a community leader and Champion of Education.

If your team seeks to change lives that will impact the future workforce, consider becoming a Champion of Education and partner with the Foundation. Contact the Education Foundation today to start the conversation. 

Events General NAI REAL Leaders

VIDEO // 1 EAST BROWARD: THE #1 CHOICE FOR FT. LAUDERDALE PROFESSIONALS

Premier Downtown Fort Lauderdale Office Space Like You’ve Never Seen It Before.

Welcome to 1 East Broward, a Class-A, high-rise office tower located in downtown Fort Lauderdale, FL with stunning panoramic views. Located at Andrews Ave and Broward Blvd, 1 East Broward is close to everything… Las Olas, FAT Village, Flagler Village, Avenue of the Arts, Luxury Residences, City Hall, Courthouse, Governmental Center, The Warf, Salt, the Riverfront, and more.

Ask about our full-floor, 17,500 square foot, build-to-suit, office space available for lease today. Contact Max Pawk at 561-471-8000 or mhc@mhcreal.com.

View Property Website

Brokerage General Tour of the Day

Neil E. Merin & Jason L. Sundook Named 2021 South Florida Power Leaders in Real Estate by SFBJ

2021 Power Leaders in Real Estate

By Jeff Zbar – Correspondent, South Florida Business Journal

April 30, 2021 – The real estate sector was deemed an essential business during the pandemic. Executives also proved to be resourceful and resilient. Countless new projects in single-family, rental apartment, and condominium residential, as well as warehouse, distribution, and logistics developments, are dotting the map from Miami through greater Fort Lauderdale and north to the Palm Beaches.


The flood has been fueled by workers and executives fleeing higher-cost, lower-quality-of-life regions such as the Northeast, Midwest and even California. They’re seeking a more amenable and less expensive remote work or corporate relocation destination.


This search, in one form or another, is nothing new. It has driven development statewide since before Henry Flagler brought his railway south. Today, it’s spurring billions of dollars in development and cementing the region’s role for more than 1,000 newcomers daily as the nation’s place to live, work, and play.


Beyond resourceful, resilient or even essential, these Power Leaders – and those featured in the 2021 South Florida Business Journal’s new Power Brokers subsection – have proven the real estate sector vital to the region’s health and future. We’re honored to have our very own Neil E. Merin, SIOR, CCIM and Jason L. Sundook, SIOR on the esteemed list.

Ready to see the area’s largest brokerages and their biggest producers?

Link to Article | PDF of Article | Congratulations Ad

Announcement Ads Brokerage General News Articles

National Bank recommits to a long-term, 10,000 square-foot lease at Commercial Tower, Fort Lauderdale

NAI/Merin Hunter Codman’s Managing Director, Adam Starr, represented the landlord in over 17,000 square feet of leasing transactions in the first quarter of 2021.

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Palm Beach County’s leading commercial real estate firm, announces the completion of over 17,000 square feet of leasing in the first quarter of 2021 at Commercial Tower, 2101 W Commercial Boulevard, Fort Lauderdale, Florida. Landlord representative and NAI/Merin Hunter Codman Managing Director Adam Starr’s latest deal is another example of South Florida office leasing holding strong despite the Covid-19 pandemic. Centennial Bank, a subsidiary of Home BancShares (NASDAQ – HOMB), just recommitted to a long-term lease for 10,763 square feet. Cushman & Wakefield’s Jeff Holding represented Centennial Bank in the transaction.

NRNS Acquisition 2101 Commercial LLC purchased Commercial Tower, a 94,532 square-foot, 5-story professional office building in 2016. Over the past 24 months ownership has invested over a million dollars in property improvements. A partial list of upgrades includes remodeling of the lobby and common area restrooms, installation of brand-new elevator cabs, as well as exterior parking lot and landscaping improvements. Remodeling of common area hallways are underway and will be completed over the next 18 months. Mr. Starr added, “Landlords who continually reinvest in their properties, creating inviting environments, and who remain committed to improving the tenants’ work experience always fare better during downward and upward market cycles. The pandemic may still be defining this cycle and personal business plans, but due to the commitment of Commercial Tower’s ownership, we have been able to lease space to new tenants, as well as retaining existing tenants who are excited about the changes throughout the building.”

CEO Jordan C. Paul states, “Adam is 100% correct. The characteristics that made South Florida a great place to live and work are still in place and our region is bouncing back from this pandemic and welcoming new northern companies every day. Landlords must position their properties now to remain on incoming tenants’ shortlists of potential space. I’d like to acknowledge Adam for a job well done on advising his clients on how to position themselves through this market cycle.”

To learn more about office space available at Commercial Tower please contact Adam Starr today at 561-471-8000 or astarr@mhcreal.com.  To view the stunning lobby click here.  

CLICK HERE to view the full Press Release.

——–

Thanks to the following publications that shared the news!

South Florida Business Journal: View Link | View PDF
Boca Tribune: View Link | View PDF
Business Development Board: View Link | View PDF
Boca Chamber: View Link | View PDF
North Palm Beach Chamber: View Link | View PDF

General Press Releases Transactions

Congrats to MHC’s 2020 Broker of the Year: Bruce Corn!

Bruce Corn earns his 9th Broker of the Year award from top South Florida commercial real estate firm, NAI/Merin Hunter Codman

West Palm Beach, FL – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate firms, is pleased to announce the firm’s 2020 Broker of the Year winner, Bruce Corn.

This marks the 9th Broker of the Year win for Managing Director, Mr. Corn, who has led NAI/Merin Hunter Codman’s Retail Services Group since 1993. Despite the uncertainties the start of the COVID-19 pandemic played on the commercial real estate market, especially in retail, Mr. Corn was able to successfully complete sales and leasing transactions for his retail clients throughout 2020.

“The economic challenges the COVID-19 pandemic brought to the global commercial real estate market and economy are unprecedented. Bruce Corn who has navigated positive and negative market cycles for nearly 30 years, leaned on his veteran experience and was able to steer his clients through this uncertain time with his thoughtful approach and decisive recommendations. It’s an honor to award Bruce Corn, as he is a true asset to both his clients and NAI/Merin Hunter Codman. We look forward to continued success for Bruce and his clients, as we anticipate a strong rebound for South Florida in 2021,” said Jordan Paul, Chief Executive Officer of NAI/Merin Hunter Codman.

Click Here to View the Full Press Release

Brokerage Events Press Releases