Click here to view the SFBJ article.
“Merin, Chairman of NAI/Merin Hunter Codman in West Palm Beach, handled three high-profile sales last year that ranked among the top eight of SIOR’s list:
- The $64.5 million sale of the 245,000 SF Golden Bear Plaza in North Palm Beach
- The $62.3 million sale of a interest in a 245,673 SF property in Palm Beach Gardens
- The $54.5 million sale of the 241,000 SF Fountain Square in Boca Raton”
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.
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.
Each year the SIOR Office Member Group selects the Top 100 Office Deals conducted by members. Neil E. Merin, SIOR, CCIM made it in the 2017 Top 10 & Top 100 SIOR Trasactions. See links below for details:
Congratulations to Neil and all the other members who made the list!
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.