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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PRESS RELEASE PICK-UPS: 1 E Broward Sale

Several media organizations have picked up our Press Release on the sale of 1 E Broward. Details below:

South Florida Business Journal – View PDF | View Article

CoStar – View PDF

The Real Deal – View PDF | View Article

BOMA – View PDF | View Article

CRE Sources – View PDF | View Article

REBusiness Online – View PDF | View Article

South Florida Business Wealth – View PDF

Commercial Property Executive Online – View PDF | View Article

The News Funnel – View PDF | View Article

Newsmakers – View PDF | View Article

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NAI/Merin Hunter Codman Reaches New Heights

It’s with great excitement and pride that we share a recent milestone for our company – the NAI/Merin Hunter Codman name has been placed atop the Centurion Tower building! This is a grand accomplishment for a firm who humbly resided in a partial second floor space at the building for nearly 30 years. Our recent move to the seventh floor combined with building signage is a testament to the firms stability and dedication to West Palm Beach, Palm Beach County and South Florida.

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NEWS ARTICLE: The race for space in West Palm Beach

Neil was quoted in the below article, written by Mike Seemuth of The Real Deal.

Real estate executive and Miami Dolphins owner Stephen Ross scored the most recent victory in the battle of billionaires looking to build high-rise office projects in downtown West Palm Beach. Ross was on an apparent collision course with Jeff Greene, real estate investor and former candidate for governor of Florida, but it appears that New York-based Related Companies, led by Ross, has won out — for now.

In reaction to the August news that part of the downtown would be upzoned, thereby allowing Related to proceed with a 25-story office project called One Flagler, Greene shelved his One West Palm project, citing an “uncertain zoning climate.” The city-approved project was a mix of office space, hotel rooms and apartments in two 30-story buildings, designed by Miami-based Arquitectonica.

The cancellation of Greene’s project seems to have exposed limits to commercial development in the central business district of West Palm Beach, despite local efforts to recruit out-of-town employers.

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BROKER EVENT: Beer Tasting and Trivia Game Show

What’s better than beer and trivia? Try adding in local craft beer samples, prizes and bar bites! That was the thought for our “Brews and Buzzers” broker event at Centurion Tower in West Palm Beach on the evening of October 4th. NAI/Merin Hunter Codman hosted the event where area brokers toured spec suites, enjoyed our new digs, and were contestants in a custom trivia game show which included questions about the event and building details.

The event showcased available space at Centurion Tower, a 14-story Class-A office building on Palm Beach Lakes Blvd, just east of I-95. Newly completed spec suites are move-in ready and feature contemporary flair and flexible floor plans, with suites ranging from 1,422-2,394 SF. Click here for more details and call our office to schedule your showing today: 561 471 8000.

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PRESS RELEASE: Downtown Ft. Lauderdale Office Tower, 1 East Broward, Trades for $108,500,000

–CBRE structures sale and financing of iconic Class A office tower to a joint venture between NAI/Merin Hunter Codman and Pacific Coast Capital Partners–

West Palm Beach, Fla. – 1 East Broward Owner, LLC, a joint venture between affiliates of NAI/Merin Hunter Codman and PCCP, LLC has acquired 1 East Broward, a Class A office tower in downtown Fort Lauderdale for $108,500,000.

The CBRE Capital Markets team facilitated the sale of the 19-story, 351,705 square foot, institutional-quality office building on behalf of the seller, Ivy Realty. Additionally, the CBRE Debt & Structured Finance team arranged acquisition financing of $77,465,500 with SunTrust Bank on behalf of the buyer. Vice Chairman, Christian Lee and Senior Vice President, José Lobón of CBRE oversaw the transaction on the sale effort, and First Vice President, Amy Julian oversaw the financing for CBRE working with Chief Financial Officer Dung Lam and Acquisitions Director Corey Winsett on behalf of NAI/Merin Hunter Codman. The CBRE team also included Senior Financial Analyst, Andrew Chilgren. Rebecca M. Cox, SunTrust Senior Vice President, provided the financing. Kapp Morrison LLP provided legal counsel to the seller and Shutts and Bowen provided legal counsel to the buyer.

The property is located on the northeast corner of Broward Boulevard and Andrews Avenue, in the heart of Fort Lauderdale’s rapidly expanding downtown, across from the new Brightline Rail Station. The 91% leased property includes a 19-story building and a 5-story building that are connected by a covered sky bridge to a 4-story parking structure that provides the office tenants with 772 covered parking spaces. The Property recently received an extensive renovation with over $4.9 million invested since the beginning of 2013 and serves as the new U.S. headquarters for KEMET Corporation, a leading publicly traded global supplier of electronic components. KEMET recently relocated its corporate headquarters from Greenville, SC to 1 East Broward bringing 150 additional jobs to the Fort Lauderdale CBD. KEMET joins several leading law firms who have corporate and regional headquarters at 1 East Broward including Becker & Poliakoff, Quintairos, Prieto, Wood & Boyer, P.A., McGlinchey Stafford and Hinshaw & Culbertson LLP.

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