— Two of NAI/Merin Hunter Codman’s commercial real estate experts discuss what it takes to close transactions during the COVID-19 pandemic. —
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Palm Beach County’s leading commercial real estate firm, acknowledges that commercial real estate transaction activity has slowed throughout the first six months of the COVID-19 pandemic but the firm notes that it has not been locked down entirely. Two of the firm’s seasoned veteran brokers, retail expert Bruce Corn and office market specialist Adam Starr, have successfully completed nearly $10,000,000 in lease and sale transactions while most of South Florida’s shelter-in-place mandates remain in place. The secret to their success has been what they have always done… servicing their long-time clients with updated market intelligence and creative deal making options.
Long-time office veteran Adam Starr and retail expert Bruce Corn represent two different commercial real estate market sectors, but they have two things in common – expertise in navigating positive and negative market cycles, as well as long-term, trusted client relationships.
Local office market expert, Adam Starr, who joined NAI/Merin Hunter Codman in January 2020, just six weeks prior to the pandemic shutdown, has facilitated transactions in excess of $5.4 million on behalf of his clients, completing lease transactions in excess of $4.5 million and one building sale in Jacksonville, on behalf of a long-time local client, for $910,000, completed just last week.
Bruce Corn, who has led NAI/Merin Hunter Codman’s retail services for nearly 30 years, has completed both sales and lease transactions totaling over $5.5 million on behalf of his clients.
— NAI/Merin Hunter Codman has been retained for the management and leasing of the property –
West Palm Beach, Fla. – MHCommercial Real Estate Fund LLC (“MHC”) a Florida based discretionary private real estate fund has formed a joint venture with Waterfall Asset Management, LLC (“Waterfall”), a New York based institutional asset manager, to acquire Golden Bear Plaza, an iconic 243,000 SF, Class-A, office complex located in Palm Beach Gardens, Florida for $49,750,000.
Golden Bear Plaza, a three-building project originally developed between 1985 and 1990 by Jack Nicklaus’ development company, is a locally recognized landmark with panoramic views of the Intracoastal Waterway and the Atlantic Ocean that serves as home to some of the most prominent tenants in South Florida including AT&T, Otis Elevator Company, Pike Electric, Dycom Industries, NextEra Energy, SlimFast and Zimmer Biomet 3i.
The 90% occupied property is the third acquisition for MHC which was formed in the fall of 2019 by Dung Lam, Neil Merin and Jordan Paul, Principals of West Palm Beach, Florida based NAI/Merin Hunter Codman, Inc. along with Florida based real estate veteran Joe Sprouls to acquire income producing properties with strong cash flow potential in dynamic markets throughout the Southeastern United States. Corey Winsett, MHC Director of Acquisitions and Asset Management, spearheaded the due diligence for MHC working with Shutts & Bowen LLP who served as counsel for the purchaser under the direction of Art Menor.
“We are very pleased to have successfully closed this transaction in a challenging environment,” said MHC Principal Jordan Paul, “Golden Bear Plaza is a trophy asset that aligns perfectly with MHCommercial Real Estate Fund’s investment goal to acquire high-quality assets in growing Southeastern markets. The property benefits from a strong and diverse tenant base and we are particularly pleased to have an exceptional financial partner in Waterfall Asset Management.”
The project represents the first office acquisition in South Florida for Waterfall, a New York based registered investment advisor with approximately $8.8 billion in assets under management as of February 1, 2020. Patti Unti, Managing Director in charge of commercial real estate equity for Waterfall said, “The acquisition of Golden Bear complements our portfolio with the addition of a well performing asset within a desirable sub-market while partnering with a best-in-class local operator, MHC.”
Financing for the project was provided by M&T Bank under the direction of Senior Relationship Manager Steve Potting. MHC Principal Dung Lam, who structured the financing with M&T Bank stated, “The acquisition of Golden Bear fits very nicely with our investment thesis and hurdles. We were able to structure a phenomenal loan with M&T Bank that will allow us to realize this asset’s potential. This was our first deal with M&T Bank and we hope it’s the first of many as we deploy the remaining capital in our fund.”
NAI/Merin Hunter Codman will provide property management and leasing services for the new ownership group under the direction of MHC Principal Neil Merin, SIOR, CCIM who said, “After 17 years of providing leasing and management services at this iconic office project, we are excited to step into an ownership role and continue to operate this first-class office project as part of our portfolio”.
Jason Sundook, SIOR and Lesley Sheinberg will oversee leasing for NAI Merin Hunter Codman and may be contacted at 561-471-8000.
— NAI/Merin Hunter Codman bringing former Canon Solutions Campus to market. —
West Palm Beach, Fla. – The former Canon Solutions America, Inc. customer experience and showroom center, located in the Park at Broken Sound, is being offered for sale by Court Appointed Receiver Neil Merin, Chairman of NAI/Merin Hunter Codman. The receivership is the result of a foreclosure action filed due to a loan default which occurred when Canon’s long-term lease expired. Consisting of 143,290 square feet of office space situated on 12.24 acres in Boca Raton’s premier mixed-use development, the site and building is one of the largest commercial real estate offerings in Boca Raton, Florida.
According to Mr. Merin the property is being offered on an “as-where is” basis. “This is a significant piece of real estate that has generated much interest as a result of the foreclosure,” Mr. Merin stated, “I expect to market the property and accept bids for just a few weeks before selecting a buyer.” The property is located at 5600 Broken Sound Boulevard NW, Boca Raton, Florida 33487. It was constructed in 2002 to the highest corporate levels as a build-to-suit for the former tenant. Features of the property include a full backup generator facility, over 450 on-site parking spaces, an on-site full-service cafeteria with indoor and outdoor seating, and the offices all feature raised floor electrical distribution for easy reconfiguration and layout. Additionally, due to the large site size, there is potential to add significant additional building area to the existing structures.
For additional information about this opportunity please contact Neil. E. Merin, SIOR, CCIM at 561-471-8000.
Former CBRE First Vice President Adam Starr joins NAI/Merin Hunter Codman as Managing Director in the brokerage division.
West Palm Beach, FL – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate firms, is pleased to welcome South Florida commercial real estate expert, Adam Starr, to the firm’s brokerage team as Managing Director. Mr. Starr will be specializing in the sale and leasing of office and industrial properties throughout south Palm Beach and Broward counties.
Mr. Starr, a six-time CoStar Power Broker Award winner, brings over two decades of commercial real estate expertise to NAI/Merin Hunter Codman. Mr. Starr has successfully negotiated over 15,000,000 square feet of sales and lease transactions throughout South Florida for firms such as CBRE, Brenner Real Estate Group, and the Trammell Crow Company. Mr. Starr’s focus will remain in tenant and landlord representation, as well as investment sales.
“It is always a pleasure to welcome a seasoned, commercial real estate professional to our firm. Adam has successfully navigated a wide variety of transactions through all of South Florida’s market cycles. He is a well-liked and highly respected industry expert that is known for his market knowledge, tenacity, professionalism and absolute commitment to the highest level of service for his clients,” stated Jordan Paul, CEO, NAI/Merin Hunter Codman.
“I have done business with Adam many times over the years. He has developed a remarkable track record of creating value and attaining favorable financial returns for his clients. He is a very welcome addition and will be a true asset to the firm’s brokerage team,” stated NAI/Merin Hunter Codman, Chairman, Neil E. Merin, SIOR, CCIM.
This marks the 8th Broker of the Year win for Managing Director, Mr. Corn, who has led NAI/Merin Hunter Codman’s Retail Services Group since 1993. Significant 2019 transactions for Mr. Corn include: • 36,000 square foot Lease to 24-hour Fitness in Royal Palm Beach • Sale of 1950 Hillsboro Boulevard in Deerfield Beach • Sale of 8899 Lantana Road Land in Lake Worth
Mr. Brockney has served as NAI/Merin Hunter Codman’s south Palm Beach County office leasing specialist since 2007 and is now a two-time NAI/Merin Hunter Codman Broker of the Year recipient. Highlights of Mr. Brockney’s 2019 transactions include the nearly 63,000 square foot lease and expansion of CSL Plasma at 900 Broken Sound in Boca Raton and the expansion of TherapeuticsMD headquarter location at 951 Yamato Road in Boca Raton.
“It is a great honor to award both Bruce Corn and Rich Brockney. They are both outstanding people and professionals and we are very proud that they are part of our team. Each year their dedication, integrity and drive to find creative solutions for clients’ commercial real estate needs land them at the top of the Broker of the Year considerations lists. Their 2019 Co-Broker win is well earned and well deserved by both.
— 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.