CCIM’s Biggest Deal & SIOR’s Top 10 & 100 Name NAI/Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM

Neil Merin-new-bioWest Palm Beach, FL – NAI/Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM, has been awarded CCIM’s Biggest Deal and named in SIOR’s Top 10 & 100 Office Transactions for the execution of 2017 office sales transactions. This is the second consecutive year Mr. Merin has received these honors after completing $315 million of sales transactions consisting of 2.4 million square feet over the last two years.

Each year SIOR (Society of Industrial and Office Realtors) selects the Top 100 Office Deals conducted by their members around the globe. Mr. Merin was awarded multiple placements in the Top 10 Office Sales Transactions of 2017 announcement and was listed four times in their Top 100 Office Sales Transactions of 2017 report.

“Neil is the premier Palm Beach County commercial real estate expert. His unwavering passion for this industry coupled with his devotion to the county is unmatched; it is my extreme pleasure to extend well-deserved congratulations to my partner and friend,” stated Jordan Paul, Chief Executive Officer of NAI/Merin Hunter Codman.

About SIOR
Headquartered in Washington, DC, the SOCIETY OF INDUSTRIAL AND OFFICE REALTORS(SIOR, www.sior.com) is a global professional organization that certifies commercial real estate service providers with the exclusive SIOR designation. Individuals who earn their SIOR designation adhere to the highest levels of accountability and ethical standards. Only the industry’s top professionals qualify for the SIOR designation. Today, there are nearly 3,200 SIOR members in 685 cities in 36 countries.
About CCIM
CCIM Institute, www.ccim.com, is commercial real estate’s most influential professional organization, with members closing $200 billion annually in commercial real estate deals. For 50 years, the Institute has been building opportunities through its respected education program, led by established practitioners. CCIM Institute members are eligible to earn the CCIM designation, the industry’s most prestigious certification.
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, Palm Beach Gardens and Wellington.
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NAI/Merin Hunter Codman Announces 2017 Broker of the Year

NAI/Merin Hunter Codman Announces 2017 Broker of the Year

Bruce Corn, of the firm’s Retail Services Group, facilitated $20 million of sales and 160,000-square feet of lease transactions in the Palm Beach County retail sector. 

2017BrokerOfYear-Bruce

West Palm Beach, FL – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firms, has named Bruce Corn, Managing Director of the firm’s Retail Services Group, its 2017 Broker of the Year for the completion of $20,000,000 in sales and 160,000-square feet of leasing transactions in the Palm Beach County retail sector. This marks Mr. Corn’s fifth Broker of the Year award.

Some of his most significant transactions include:

  • $12,500,000 sale of Village Square, a 75,326-square foot retail plaza in Tequesta
  • 65,000-square feet of leasing on behalf of AutoZone
  • 30,000-square feet of leasing on behalf the Village Shoppes on 441 in Royal Palm Beach
  • 20,000-square feet of leasing on behalf Southern Palm Crossing in Royal Palm Beach
  • 10,000-square foot site selection transaction on behalf of Saito’s Japanese Steakhouse

Utilizing his two decades of commercial real estate experience, negotiation skills and superior retail market knowledge, Mr. Corn, a five-time NAI/Merin Hunter Codman Broker of the Year award recipient, offers his diverse client base creative solutions which expedite even the most complicated of transactions.

“Honesty, integrity and drive are Bruce Corn’s best qualities. Those attributes combined with his outstanding industry reputation have paved the road to Bruce’s continued success. I am honored to again name him our 2017 Broker of the Year,” stated Jordan Paul, CEO of NAI/Merin Hunter Codman.

View release here.

Press Releases Transactions Uncategorized

NAI/MERIN HUNTER CODMAN AND CBRE SELL BOCA RATON’S FOUNTAIN SQUARE OFFICE COMPLEX FOR $54.5 MILLION

NAI/MERIN HUNTER CODMAN AND CBRE SELL BOCA RATON’S FOUNTAIN SQUARE OFFICE COMPLEX FOR $54.5 MILLION

— Boca Raton’s Second Largest Class-A Office Transaction of 2017 —

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Palm Beach County’s leading commercial real estate services firm, and CBRE, have announced the sale of Fountain Square, a 241,000-square foot Boca Raton office complex for $54,500,000. The sale of Fountain Square, a three-building project located at 2600, 2650, and 2700 N Military Trail, is Boca Raton’s second largest office building transaction of 2017. Christian Lee and Jose Lobon of CBRE and Neil Merin, SIOR, CCIM of NAI/Merin Hunter Codman, represented the Seller, Fountain Square Owner LLC in the transaction.

Fountain Square Owner LLC, a joint venture between affiliates of Contrarian Capital Management LLC of Greenwich Connecticut and NAI/Merin Hunter Codman, Inc., as the local operating partner, purchased the complex in October 2014 for $37 million. The property’s value increased approximately 50% over the Seller’s ownership period thanks to a comprehensive value enhancement program implemented by NAI/Merin Hunter Codman.

At the time of acquisition, the property was 62% occupied. NAI/Merin Hunter Codman provided asset, property, and construction management and leasing services and implemented a multimillion dollar capital improvement program which upgraded common elements and tenant suites and resulted in over 100,000 square feet of leasing over the last 24 months moving building occupancy to over 90% at the time of the sale.

Jordan Paul, Chief Executive Officer of NAI/Merin Hunter Codman stated, “We are very pleased with the success we have had at Fountain Square for our partners and investors. The hard work of our leasing, construction and property management teams created a gem that provides competitively priced Class-A office space for professional tenants looking to locate near the Glades Road corridor. Our vertically integrated in-house capabilities provide our clients and partners with everything that is needed to turn around a real estate project and Fountain Square is a prime example of the value that we can create.”

Gil Tenzer, Portfolio Manager & Director of Real Estate Investments at Contrarian Capital Management LLC, added, “Fountain Square represents our commitment to partnering with local operators to invest in and turn around under-performing assets with high potential. We are pleased to have partnered with NAI/Merin Hunter Codman on the Fountain Square project.”

Read full press release here.

Press Releases Transactions

PRESS RELEASE: NAI/Merin Hunter Codman Completes 144,000 SF of Leasing at West Palm Beach’s Centrepark Office Buildings

— Centrepark West occupancy reaches 98% —

West Palm Beach, Fla. – Palm Beach County’s leading commercial real estate services firm, NAI/Merin Hunter Codman, Inc., has completed 144,000 square feet of lease transactions on behalf of Colonnade Centrepark East, LLC and Colonnade Centrepark West, LLC, within Colonnade’s first year of ownership.

The nine-building portfolio totaling 479,145 square feet of office space, located within Centrepark East and Centrepark West, was acquired in November 2016 by Colonnade Properties and affiliates of Grace Development and Flagler Realty. NAI/Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM marketed the property on behalf of the seller, JP Morgan Asset Management, Colonnade and partners were selected as the purchaser who post purchase retained NAI/Merin Hunter Codman as they valued the leasing potential executed by NAI/Merin Hunter Codman.

Today Centrepark West’s occupancy rate is 98%, up from the 80% reported at the time of purchase. Together, Mr. Merin and NAI/Merin Hunter Codman Commercial Associate, Shelbi Quinn successfully negotiated many deals on behalf of the owner, the largest transactions include:

• SV Microwave, Inc. and affiliate Times Microwave Systems, Inc. have executed 68,091 square feet of leases at 2301 and 2400 Centrepark West Drive
• Seacrest Services executed a 13,560-square foot, 10-year lease, at 2101 Centrepark West Drive
• Brown & Brown of Florida executed a 11,970-square foot, 10-year lease, at 1661 Worthington Road

CLICK HERE to read the full press release.

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PRESS RELEASE: Palm Beach International Plaza Begins Aggressive Property Improvement Plan

NAI/Merin Hunter Codman is Awarded the Property Management and Leasing Assignment of Palm Beach International Plaza

West Palm Beach, FL. – Palm Beach County’s leading commercial real estate services firm, NAI/Merin Hunter Codman, Inc. has been retained by local investor, Belvedere Acquisition, LLC, to oversee the renovation and rebranding of Palm Beach International Plaza, a 111,000-square- foot office complex strategically located across from the Palm Beach International Airport, at 1601 Belvedere Road, in West Palm Beach, Florida. In July of 2017, Belvedere Acquisition, LLC purchased the property from 1601 Belvedere Road Holdings, who had held the property on behalf of a CMBS trust.

NAI/Merin Hunter Codman has been retained to oversee leasing, property management and construction management of the property. Renovation plans include repainting of the towers, main entrance upgrades, enhanced lighting, fresh landscaping, a lobby makeover and new digital tenant directories. NAI/Merin Hunter Codman will be offering a variety of suites from 1,200 to 45,000 square feet, including several move-in ready spec suites, as well as efficient and flexible large blocks of customizable space.

Principal, Jason L. Sundook, SIOR and NAI/Merin Hunter Codman’s newest Commercial Associate, Christopher T. Smith will be leasing the property. “The momentum and pre-upgrade leasing has been tremendous! The complex improvements coupled with the recent announcement of a significant renovation of the adjacent Embassy Suites’ hotel which will be offering complimentary and discounted hotel amenities to Palm Beach International Plaza’s tenants have resulted in a wave of tours and leasing activity,” touted Mr. Sundook.

CLICK HERE to read the full press release.

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PRESS RELEASE: Barbara LeBrun, SIOR of NAI/Merin Hunter Codman is Elected to Leadership Palm Beach County 2017-2018 Board of Governors

West Palm Beach, Fla. – – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is proud to announce, Managing Director, Barbara LeBrun’s 2017-2018 elected appointment to Leadership Palm Beach County’s Board of Governors.

Since 1983, Leadership Palm Beach County, a nonprofit organization, has brought together select leaders from the public, private and nonprofit sectors to deepen their civic commitment and awareness of diverse issues and industries. Over the course of a year, Leadership program participants spend one full-day a month together traveling across Palm Beach County with exclusive access to courtrooms, newsrooms, schools, farms, major businesses and to the top executives who run the industries that drive Palm Beach County’s economy. Participants of this unique program gain a deep understanding of the region and build lasting bonds with their fellow Leadership class mates by working together on meaningful local projects. Upon completion of the program, alumni then become a powerful network which shapes the curriculum for future participants and continue to work together in the community to tackle issues affecting Palm Beach County residents.

“For over three decades, NAI/Merin Hunter Codman has been a leader in both Palm Beach County commercial real estate and civic involvement. Our success is largely due to the firm’s belief that only through civic leadership can NAI/Merin Hunter Codman’s partners, brokers and staff gain a deep empathy and understanding of the community and market in which they serve. Barbara LeBrun, SIOR encapsulates this belief. I congratulate Barbara and her accomplishment, it is an honor to work closely with someone of her caliber, who is truly dedicated to the success of Palm Beach County“, stated Jordan Paul, CEO of NAI/Merin Hunter Codman.

CLICK HERE to view full release.

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PRESS RELEASE: Eliot H. Goldstein joins NAI/Merin Hunter Codman as a Commercial Real Estate Associate

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is proud to welcome Eliot H. Goldstein as a Commercial Associate.

Mr. Goldstein, who holds a Bachelor’s of Science and a Master’s of Science degree in Mechanical Engineering from Florida State University, will be working with NAI/Merin Hunter Codman Principal Spencer Grossman on a variety of commercial investment and leasing assignments specializing in retail and industrial properties. Mr. Goldstein joins NAI/Merin Hunter Codman following two years with a local commercial real estate firm where he was instrumental in completing several million dollars of transactions. Prior to working in the commercial real estate industry Mr. Goldstein enjoyed a successful eight-year engineering career at Lockheed Martin.

“NAI/Merin Hunter Codman is excited to welcome Eliot Goldstein to our team. His drive, discipline, and passion for the commercial real estate industry will be a great benefit for our clients”, stated Jordan Paul, CEO of NAI/Merin Hunter Codman.

CLICK HERE to view the full release.

Press Releases

PRESS RELEASE: NAI/Merin Hunter Codman Named #1 Property Management Firm and #4 Commercial Real Estate Firm in Palm Beach County

NAI/Merin Hunter Codman is recognized by both Costar Group and the South Florida Business Journal

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, has been recognized by the South Florida Business Journal’s 2017 Book of Lists as the #1 Property Management Firm and #4 Commercial Real Estate Brokerage Firm in Palm Beach County. In addition, the firm will be receiving its 12th consecutive Top Leasing and 10th Top Sales Firm CoStar Power Broker Awards. Neil E. Merin, SIOR, CCIM, Chairman of NAI/Merin Hunter Codman, will receive his 13th consecutive Top Leasing Power Broker Award.

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PRESS RELEASE: NAI/Merin Hunter Codman Nominated for Two NAIOP Awards of Excellence, Largest Office Transaction of the Year and Office Renovation of the Year

3West Palm Beach, FL – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is pleased to announce that the firm was recently nominated for two NAIOP South Florida 2016 Awards of Excellence. The firm was nominated for Office Renovation of the Year as well as the Largest Transaction of the Year. NAIOP South Florida’s annual awards highlight individuals and companies whose achievements have contributed to the local commercial real estate industry, benefitted the regional business environment and facilitated economic growth.

NAIOP South Florida nominated NAI/Merin Hunter Codman for Office Renovation of the Year, recognizing the firm’s leasing, construction and property management divisions for the renovation of Fountain Square, a three building, 241,000 square foot office complex in Boca Raton. The nomination recognized NAI/Merin Hunter Codman’s success in renovating the property and creating significant value following its purchase from an institutional owner in an “off market” transaction. Occupancy at the time of purchase was 59%. Following the purchase, NAI/Merin Hunter Codman was retained to implement a $3,000,000 capital improvement program to modernize the building on behalf of the new owner. A partial list of improvements included: repainting and re-branding the buildings, refurbishing its signature centerpiece fountain, window replacement/re-tinting, renovating the on-site café, restriping and resealing the building parking lot and reroofing. An aggressive leasing plan was then implemented which resulted in over 50,000 square feet of new leases at rents that were up to 40% higher than those achieved pre-renovation. Net Operating Income has doubled since acquisition and the estimated property value has increased by over 50%.

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