— NAI/Merin Hunter Codman represented the owner, 951 Yamato Acquisition Company LLC an affiliate of Brookwood Financial Partners, LLC, in the 10,661-square-foot transaction. —
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is pleased to welcome J.G. Wentworth Home Lending LLC to 951 Yamato. J.G. Wentworth Home Lending LLC, a direct mortgage lender, is expanding into 10,661 square feet at 951 Yamato Road, Boca Raton, FL. Jay M. Grossman, President and Director, Richard W. Brockney of NAI/Merin Hunter Codman represented the Landlord, 951 Yamato Acquisition Company LLC, an affiliate of Brookwood Financial Partners, LLC. Tom Farmer, Vice-President of Office Leasing at Colliers International represented the tenant.
Due to a successful repositioning of their business model, poised to capture a larger portion of the purchase market sector, J.G. Wentworth Home Lending had outgrown its existing 7,000-square-foot office space. Assistant Vice President, Direct Lending, Evan Pruzan of J.G. Wentworth Home Lending stated, “We toured the Boca Raton market for six months with sights set on finding a Class-A office building, packed with amenities, which offered an above standard parking ratio. 951 Yamato met and exceeded our requirements. The building is a perfect fit and the perfect location to achieve our recruiting and retention objectives.”
The Business Development Board (BDB) is pleased to announce Convergence Investment Partners is relocating from Grafton, Wisconsin to the city of Palm Beach Gardens. The company has leased 2,400 square feet of space at 3801 PGA Boulevard for their new headquarters, where they plan to employ 10 professionals. The BDB has been facilitating this relocation since 2016. Christopher Smith and Jason Sundook of NAI Merin Hunter Codman, represented Convergence while Tara England and Mark Pateman of Cushman & Wakefield represented the owners of 3801 PGA Blvd.
“As an investment manager, there were several key attributes which led us to
NAI/Merin Hunter Codman, NAI Miami, and NAI Rauch Weaver, together with NAI Global were proud to again sponsor the area’s premier ESPN college football game – the 2018 Cheribundi Boca Raton Bowl held at Florida Atlantic University in Boca Raton. UAB won its
Thank you to all of our clients, partners, and attendees for joining us at this year’s game. We were honored to have two special attendees with us: Jay Olshonsky (President, NAI Global) and Arnaldo Oliveras Fernandez, MBA (President, NAI Puerto Rico). We look forward to seeing everyone again at our 2019 pre-game tailgate!
— 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.
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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.
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.
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.
- 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 firstname.lastname@example.org.
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.