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.

View PDF
General Press Releases Transactions Uncategorized

NEWS PICK-UP: Spencer Grossman Represents Buyer in $495,000 Sale

KW Commercial Executes Record-Breaking Sale of Belvedere Tattoo Parlor

New area expansion spurs demand for previously unwanted buildings in the East Belvedere Corridor.

WEST PALM BEACH, FLORIDA, UNITED STATES, October 12, 2018 — Palm Beach-based Keller Williams Commercial Real Estate announced today that Managing Agent Brad Kuskin recently represented the seller in the $495,000 sale of a 2,000-square-foot former tattoo parlor on the eastern portion of Belvedere Road. The transaction price of $248 per square foot represents a five-year record for proportionate sales prices along the East Belvedere Road corridor.

KW CRE negotiated the transaction on behalf of long-time Boynton Beach resident who had initially purchased the property in 1997 for $75,000. Buyer-agent Spencer Grossman of NAI/Merin Hunter Codman represented the local buyer, Farm To Family, LLC, who intends to utilize the building as a vegan-oriented meal delivery preparation facility. The well-positioned location on Belvedere provides the Buyer with direct access to affluent El Cid and Palm Beach Island communities. The acquisition was contingent on the relocation of an existing tattoo parlor and South American boutique, who had previously occupied the building under annual leases.

“Transaction terms were finalized only days after initially listing the property, which clearly illustrates the growing strength and allure of the southern West Palm Beach neighborhoods, particularly in well-positioned older buildings. Many downtown buildings have extremely passive owners, who don’t align lease structure with current market trends, offering additional value to long-term business operators and investors,” said Kuskin. “We worked through several unique challenges related to the tenants and provided our client with maximized value based on a very dynamic market and potential user base. KW Commercial managed expectations of all parties while directly addressing concerns of tenants forced into relocation and early lease termination. It was a testament to the work of agents on both sides who worked to close the transaction promptly and at the originally negotiated terms.”

“Keller Williams Commercial Real Estate has the unique footprint and breadth to provide clients the benefit of expansive transaction experience and rock-solid relationships throughout the South Florida market,” said Kuskin. “Our national scope, combined with our commitment to a superior level of client service, allows us to provide unparalleled market insight, leading to strategic investment and liquidation initiatives, ultimately leading to maximized transaction efficiency.”

View PDF | View Article

News Articles Transactions

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

PRESS RELEASE: Hollywood Commerce Center Sells for $7,350,000 to New York Developer/Re-Developer

NAI/Merin Hunter Codman represented the purchaser of Hollywood Commerce Center

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, represented Avid Asset Properties Hollywood, LLC, an entity controlled by noted New York investor Steven Samuels, in the purchase of Hollywood Commerce Center. The 60,000-square foot flex property sits on 2.5 acres and is located at 3301 N 29th Avenue, 3300 N 28th Terrace and 2850 Green Street, Hollywood, FL 33020. NAI/Merin Hunter Codman Principal, Spencer Grossman and Senior Associate, Jeff Cebula represented the purchaser. The Seller, OTW II, LLC was represented by Ted Konigsberg, SIOR of Infinity Commercial Real Estate.

Mr. Samuels, Principal of Avid Asset Management in New York and Zoning Commissioner of the Village of Atlantic Beach, New York, has redeveloped hundreds of thousands of square feet of commercial properties in the Brooklyn, Holbrook, Lake Success and Long Beach, New York city markets.

Press Releases Transactions

Building along Interstate 95 in Broward to be renovated after $7M deal

New York real estate investor Steve Samuels acquired an industrial/office building along Interstate 95 in Hollywood and will make a significant investment in renovations.

The property was previously envisioned as a trampoline park called Off the Wall, but the seller recognized the opportunity to make a considerable profit by selling the property, said Ted Konigsberg of Infinity Commercial Real Estate, which represented seller OTW II LLC. The company is led by Samuel Eyal Yecutieli and Ervin Andrei Mendel.

The 55,221-square-foot building, at 2850 Greene St., was acquired by Avid Asset Properties Hollywood, managed by Samuels, for $7.35 million. It last traded for $5 million in 2016.

News Articles Transactions