NAI/Merin Hunter Codman Partners with BDB to Facilitate Economic Development Efforts

Palm Beach County, FL – In collaboration with city, county, and state partners, the Business Development Board (BDB) works to leverage the County’s extraordinary assets by promoting the expansion of existing businesses and attracting new ones to the area. The BDB also receives support from hundreds of local companies, like NAI/Merin Hunter Codman, that invest in Palm Beach County’s economy through the BDB’s economic development efforts because they all have one powerful shared vision of the future. These combined efforts contribute to the prosperity of the County by providing quality jobs for our citizens, fostering economic growth and delivering a vibrant community that is a premier business destination.

The power of partnerships in Palm Beach County is so strong and assists the BDB’s mission of attracting and retaining jobs and businesses in Palm Beach County. This has a return of investment in better infrastructure, a top-notch workforce, and a higher quality of life for everyone. There are also 20 industry specific task forces, 30 events, and dozens of initiatives that are facilitated each year to bring academia and business leaders together.

Just within the past five years, the BDB has assisted companies that have created more than 12,822 direct jobs with average salaries greater than $69,062, resulting in more than $777 million in capital investment to Palm Beach County and an economic impact that exceeds $6.87 billion.

Kelly Smallridge, President and CEO of the Business Development Board said, “Our private business investors recognize that a vibrant economy benefits the residents and businesses in Palm Beach County, providing increased tax revenues, good quality jobs, and creating new economic activity with long-lasting prosperity for all.”

Press Releases

NEWS PICK-UPS: Toys “R” Us Building Sale in Royal Palm Beach


A few media organizations have picked up our Press Release on the recent sale of the Former Toys “R” Us building at 450 S State Road 7.

The Real Deal: View PDF | View Article

Palm Beach Post: View PDF | View Article

South Florida Business Journal: View PDF | View Article

BDB: View PDF | View Article

CRE Sources: View PDF | View Article

PBC Chamber of Commerce: View PDF | View Article

Boca Chamber: View PDF | View Article

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PRESS RELEASE: Former Toys “R” Us Building in Royal Palm Beach Sells for $15,800,000

— NAI/Merin Hunter Codman represents buyer in the purchase of a vacant 55,962 square foot retail box. —

West Palm Beach, Fla. – NAI/Merin Hunter Codman Managing Directors, Barbara LeBrun, SIOR and Lesley Sheinberg represented a confidential buyer in the $15,800,000 purchase of 450 S State Road 7 in Royal Palm Beach. The 55,962 square foot retail property, built in 2012, traded for $282.33 per square foot. Ross Waters, Principal of Atlantic Realty represented the seller Treeco/Soder Royal Palm LLC who purchased the property in 2015 for $13,000,000 when the building was 100% leased to Toys “R” Us. The June 2018 closing of the iconic Toys “R” Us chain left a gaping 28.6 million square foot vacancy in the U.S. retail market. The company owned or leased 23 properties in the South Florida Tri-County market, ten of which were in Palm Beach County, most of which currently stand empty and are available for redevelopment.

Press Releases Transactions

NAI/Merin Hunter Codman Announces 2018 Broker of the Year

– Lesley Sheinberg wins her second 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 that Managing Director, Lesley Sheinberg has been named its 2018 Broker of the Year.

This is the second Broker of the Year award for Ms. Sheinberg who is also is a multiple time CoStar Group, Inc, Power Broker Award winner.  She has represented institutional and private equity commercial real estate clients for over 20 years and is one of Palm Beach County’s leading medical office and healthcare real estate specialists. Ms. Sheinberg has completed over 1,000,000-square feet of lease transactions and in excess of $20 million of investment sales.

Press Releases Transactions

PRESS RELEASE: J.G. WENTWORTH HOME LENDING IS EXPANDING TO 951 YAMATO

— 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.”

Press Releases Property Management Transactions

PRESS RELEASE: NAI/Merin Hunter Codman Executes $2,725,000 Sale of Vacant Former CVS in Boca Raton

— 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.

CLICK HERE to view the full release.

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.

Press Releases

PRESS RELEASE PICK-UPS: 951 Yamato / PBC’s Largest Transaction of 2018

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.

CoStar Group – View PDF | View Article

South Florida Business Journal – View PDF | View Article

Sun Sentinel – View PDF | View Article

CRE-Sources – View PDF | View Article

Boca Chamber – View PDF | View Article

Chamber of Commerce Palm Beaches – View PDF | View Article

News Articles Press Releases Transactions

NAI/MERIN HUNTER CODMAN STRUCTURES ONE OF PALM BEACH COUNTY’S LARGEST TRANSACTIONS OF 2018

 

NAI/MERIN HUNTER CODMAN STRUCTURES ONE OF PALM BEACH COUNTY’S LARGEST TRANSACTIONS OF 2018

— TherapeuticsMD signs 56,212-square foot lease at 951 Yamato —

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is pleased to announce that it completed one of the largest office lease transactions in Palm Beach County this year with TherapeuticsMD, Inc. (NASDAQ: TXMD). TherapeuticMD, Inc. is an innovative women’s healthcare company. Jay M. Grossman, President and Director, and Richard W. Brockney of NAI/Merin Hunter Codman represented the Landlord, 951 Yamato Acquisition Company LLC, an affiliate of Brookwood Financial Partners, LLC. Mollie McDonough, Senior Vice-President of Butters Realty & Management represented the tenant.

The long-time Boca Raton based pharmaceutical firm, TherapeuticsMD, Inc., received three FDA product approvals since May and has outgrown its 32,000-square foot location.

When asked why TherapeuticsMD chose 951 Yamato, Josie Weitzel, Director of Corporate Operations, stated “After two long years of researching facility options in the Palm Beach County area, we finally found a space that will offer an open space floor plan, which will allow for a more cohesive and collaborative environment to meet the needs our current and future staff.”

NAI/Merin Hunter Codman President, Jay M. Grossman added, “951 Yamato was well suited for the tenant’s need with its large floor plates. In addition, the ability to find large blocks of office space to accommodate headquarter-sized tenants in Boca Raton is diminishing. The few that can be found are priced at the top of the market, located in less convenient areas, and many lack modern, Class-A features and amenities. 951 Yamato recently completed a million-dollar, environmentally friendly property improvement program to ensure that it remained a first-choice for large office space users. With the signing of the TherapeuticsMD lease and other recent leases, the building is now 89% leased.”

Current plans are to build-out two additional spec suites, that will be delivered in the first quarter of 2019, and a 2,000-square foot conference center for the use of all 951 Yamato tenants. For more information, contact NAI/Merin Hunter Codman President, Jay M. Grossman, or Director, Richard W. Brockney at 561-394-5200.

About Brookwood
Brookwood, www.brookwoodfinancial.com, is a nationally-recognized private equity real estate investment firm that specializes in acquiring and managing value-add commercial real estate and other real estate-related operating businesses.  Since its founding in 1993, Brookwood has invested over $995 million of equity to acquire a portfolio of 200 commercial real estate properties, seven operating companies, and 112 gas stations with convenience stores, with a total capitalization of over $2.5 billion.  The portfolio has spanned multiple asset classes, geographical markets, and industries throughout the United States.

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.

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General Press Releases Transactions Uncategorized

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

South Florida Business Journal (News in Brief) – View PDF

The Real Deal (South FL Office Market article) – View PDF

News Articles Press Releases Transactions

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.

Press Releases Transactions