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.

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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.

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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.

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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.

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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

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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.

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Golden Bear Plaza Listed As One of 2020’s Largest Office Sales

Below is an excerpt from an original article by Wade Tyler Millward with The Real Deal South Florida. View PDF | View Link

Golden Bear Plaza office complex in Palm Beach Gardens sells for $50M, securing The Real Deal South Florida‘s #4 Sale of 2020.

A Palm Beach Gardens office complex built by Jack Nicklaus’ development company sold for $49.8 million. Terra Funding GB, tied to Alliance HSP, sold the 243,000-square-foot Class A office complex for $204 per square foot to a joint venture between Waterfall Asset Management and MHCommercial Real Estate Fund. The Waterfall Asset Management and MHCommercial Real Estate Fund bought a leasehold interest in Golden Bear Plaza, which means the group only purchased the office buildings, but not the land.

MHCommercial was formed in the fall of 2019 by Dung Lam, Neil Merin and Jordan Paul, principals of West Palm Beach-based NAI/Merin Hunter Codman. Waterfall is a New York-based registered investment advisor. Bryn Mawr, Pennsylvania-based Alliance HSP is led by Clay Hamlin III, Jay Shidler, and Richard Previdi.

Click here to learn more about the prestigious Golden Bear Plaza, including current availabilities and amenities.

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Builder of Rosemary Square buying Phillips Point office complex in West Palm Beach

The following is an excerpt from the original article written by Alexandra Clough from the Palm Beach Post. View Article | View PDF

The Phillips Point office complex, a longtime trophy property in West Palm Beach, is under contract to be sold to an affiliate of New York-based Related Cos., according to a top Related official.

The Class A complex at 777 S. Flagler Drive went up for sale last year and will trade for $282 million, a source close to the deal confirmed. Current owner AEW Capital Management bought the property for $245 million in 2015.

The Related affiliate buying Phillips Point is said to be personally owned in large part by Stephen Ross, Related’s chairman, three real estate sources told The Palm Beach Post. Ross also owns the Miami Dolphins.

In recent years, Related has been keen to build office space in West Palm Beach. The company built and then sold CityPlace Tower, an 18-story, 300,000-square-foot office tower.

Currently, Related is building 360 Rosemary, a 20-story, 300,000-square-foot office tower next to Rosemary Square.

And Related plans to start construction later this year on another office tower: One Flagler, a 25-story, 270,000-square-foot tower planned for Flagler Drive and Okeechobee Boulevard.

But the grand dame of the West Palm Beach office market is and always has been Phillips Point.

The Class A, twin-tower complex, built in 1985, has always housed the city’s top tenants. The property’s location — at Flagler Drive and Lakeview Avenue, just over the Royal Palm Bridge from Palm Beach — offers tenants water views amid luxury finishes.

Phillips Point features financial firms Morgan Stanley and Goldman Sachs. The complex also counts top law firms as tenants, including Greenberg Traurig, Gunster and Akerman, and Senterfitt & Eidson.

The Phillips Point purchase gives Ross dominance in the West Palm Beach office market as well as ownership of a longtime premier property, said Neil Merin, chairman of NAI/Merin Hunter Codman in West Palm Beach.

Merin said the acquisition “means Mr. Ross will be controlling the Class A space downtown, which will give some stability to pricing and could lead to an upward movement in rental rates.”

Merin added that Phillips Point has shown strong economic performance “and will do very well with the continued (movement) of financial service firms here.”

Thanks to the pandemic, coupled with high taxes in other states, a number of financial firms are looking for space in South Florida, particularly in Palm Beach County.

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