Experts: West Palm Beach has Class-A Office Space Glut as New Towers Start to Rise

The following article was originally published in The Palm Beach Post by Alexandra Clough. View Article | View PDF

Photo by Lannis Waters / The Palm Beach Post

Real estate brokers are growing concerned that top tier office buildings have too much shadow sublease space.

Even as another project is up for consideration, West Palm Beach’s downtown office market is loaded with empty space, and there is little demand from tenants outside the area wanting to lease large offices, real estate professionals say.

Interviews with real estate developers and brokers indicate that the city’s Class A office buildings, which typically attract the top tenants, have plentiful space available directly from the buildings, or from office tenants that are trying to sublease their space.

General Market Reports News Articles

2019 NAI Florida & Caribbean Forum Recap

We want to wish a hearty thank you to all sponsors, moderators, panelists, and guests that attended our 2019 NAI Florida & Caribbean Forum – making it one of our most well attended Forums to date!

Around 500 commercial real estate professionals gathered on November 15th at the Intercontinental Miami for a full morning of all things CRE -focusing on current commercial real estate conditions and economic trends at a national level and within the Florida region.

Events General

Big Wins for NAI Merin Hunter Codman Founder and Chairman, Neil E. Merin

We want to wish a hearty congratulations to our Chairman, Neil E. Merin, SIOR, CCIM for his recent big wins!

CCIM’s Biggest Deals of 2019

A big “Thank You” to Neil and the rest of the team that worked on our 1 East Broward acquisition, which made it as a CCIM 2019 Biggest Deal! View the interview of all finalists at these links: View Link | View PDF

Key highlights of Neil’s interview include the notions “Approach each opportunity as a partnership,” and “Knowledge: know your market and product better than anybody else. Expertise: become an expert at whatever segment you deal in. Credibility: make sure you have a reputation for honesty, integrity, expertise, and knowledge.”

SFBJ’s 2019 Structures Awards

1 E Broward was a finalist in the Terry Stiles Deal of the Year Award, but the big win of the night was Neil Merin’s acceptance of the Dealmaker of the Year Award. View the SFBJ’s fantastic write-up about the awards here: View Photos | View Article | PDF Article | View Acceptance Video

Neil said, “I’m not the young hotshot in the business when I started. Building teams and helping people launch their careers is really what I enjoy, more than just doing the deal. I just love what I do. I live, eat and breathe this business.”

Events General Transactions

The Press: Former Palm Beach Post Building Redevelopment

The news is out! The former Palm Beach Post building is being redeveloped into The Press: Palm Beach’s new, vibrant work-play destination.

This unique destination has a rich history as the former Palm Beach Post campus and is being redeveloped into an innovative lifestyle center complete with offices, shops, and an organic grocer. Workplaces at The Press offers contemporary offices with stunning common areas and flexible work and meeting spaces, including its own lounge and free Wi-Fi.

The Press enjoys a premier location near the booming downtown West Palm Beach area. This convenient spot is a short drive from Antique Row, CityPlace/Rosemary Square, the Clematis and Flagler Financial Districts, the Island of Palm Beach, Palm Beach Outlets, the Palm Beach International Airport and everything in between.

View the flyer and call Neil Merin, Chris Smith or Jaime Chamberlin today at 561-471-8000 to learn more about unique office space for lease at Workplaces at The Press in West Palm Beach.

General News Articles Property Management

NEWS PICK-UPS: MHCommercial Acquires Myrtle Beach Retail Center

A few media organizations have picked up our Press Release on the recent acquisition of Prince Creek Village, an 18,000-square-foot retail center in Myrtle Beach, South Carolina.

CoStar: View PDF | View Article

ICSC: View PDF | View Article

CP Executive: View PDF | View Article

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

Boca Raton Chamber: View PDF | View Article

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MHCommercial Real Estate Fund Acquires Publix Shadowed Anchored Shopping Center in Myrtle Beach MSA for $4,850,000

— NAI/Merin Hunter Codman has been retained for the management and NAI Lachicotte for the leasing of the property. —

West Palm Beach, Fla. – MHCommercial Real Estate Fund, a real estate investment fund recently launched by principals of leading South Florida Commercial Real Estate firm NAI/Merin Hunter Codman, has announced the completion of its second acquisition, Prince Creek Village located at 11920 SC Highway 707, Murrells Inlet, South Carolina, a fast-growing suburb of Myrtle Beach.

Prince Creek Village is a 92% occupied 18,000-square foot, Publix shadow-anchored commercial center built in 2017. The property’s tenants include Edward Jones Financial Advisory, Tidelands Health Family Medical Center and a number of popular local restaurants. The property was purchased from Columbia Properties, Inc. for $4,850,000. LoanCore Capital provided financing for MHCommercial Real Estate Fund.

Jordan Paul, Principal of MHCommercial Real Estate Fund stated, “We are excited to close our second investment this month for MHCommercial Real Estate Fund. Prince Creek Village aligns well with our goal to invest in well-located, high-quality commercial properties with strong economic and demographic growth in the Southeastern United States. Prince Creek Village enjoys an outstanding location adjacent to a new Publix grocery store in one of the most affluent communities in the fast-growing Myrtle Beach metropolitan area. Our affiliation with the NAI Global network gave us outstanding insight into the local market and the property’s strong tenant base includes a diverse mix of popular local medical, financial service businesses and restaurants which will provide our investors with immediate cash flow and the opportunity to realize additional value as the area continues to grow.”

NAI/Merin Hunter Codman has been retained to manage the property and Myrtle Beach-based NAI Lachicotte has been retained to lease the property.

CLICK HERE to view the full Press Release.

Press Releases Property Management Transactions

Neil Merin and Firm Nominated for 2019 SFBJ Structures Awards

We’re excited to share that our Chairman, Neil E. Merin, SIOR, CCIM, and the firm, have been nominated as finalists in the 2019 SFBJ Structures Awards, which aims to honor sky-line changing projects, distinguished developers and outstanding architects at its fourth annual event. Categories include top projects in retail, architecture and design, hospitality, as well as the Developer of the Year and the Terry Stiles Deal of the Year.

Neil has been nominated as Dealmaker of the Year and the company has been nominated for Deal of the Year with it’s 1 E Broward acquisition. We’re honored to be included and wish a hearty Congratulations and Good Luck to all nominees!

View PDF | View Article

News Articles Transactions

NEWS PICK-UPS: MHCommercial Real Estate Fund & 2601 Oakland Park

A few media organizations have picked up our Press Release on the launch of the firm’s real estate fund, MHCommercial Real Estate Fund I, and the fund’s first purchase of 2601 Oakland Park Blvd.

CRE News: View PDF | View Article

CoStar: View PDF | View Article

South Florida Business Journal: View PDF | View Article

The Real Deal (Fund): View PDF | View Article

The Real Deal (2601 Bldg): View PDF | View Article

CP Executive: View PDF | View Article

BDB Palm Beach County: View PDF | View Article

CRE-Sources: View PDF | View Article

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