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.

Jordan Paul, CEO of NAI/Merin Hunter Codman said, “Outstanding teamwork and customer service matched a quality investor with a budding redevelopment opportunity. Jeff Cebula, who recently joined the firm after relocating from New York, had a client looking to secure a redevelopment investment opportunity in the South Florida market as part of a 1031 Exchange. To best serve his client, Jeff partnered with NAI/Merin Hunter Codman Principal and strategic advisory expert, Spencer Grossman. Spencer worked to identify area investment properties, negotiate and finally execute the transaction. This is a perfect example of NAI/Merin Hunter Codman’s team approach providing expert advisory and maximum value to property investors, locally and nationally.”

Hollywood Commerce Center, located across I-95 from Oakwood Plaza and the under-construction Dania Point development, was built in 1968 and recently renovated. The two-story property is fully air conditioned, offers large electric capacity, 8 dock-high doors, up to 24-foot clearance in the distribution space and features showroom and retail components. The second floor consists of elevator serviced offices.

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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.

Jeff Cebula and Spencer Grossman of NAI Merin Hunter Codman represented the buyer.

Konigsberg said Samuels will spend over $1 million reconfiguring the building to appeal to a broader array of tenants, such as designers, showrooms and professional firms. The two-story building is half showroom and half office space.

This area of Hollywood has attracted many design firms, some of which left the Design Center of the Americas, Konigsberg said.

“I am very excited about the potential of this iconic building,” Samuels said. “Working with the city of Hollywood, we will be reconfiguring the entire site. It’s our intention to bring a new and innovative concept to the area.”

Samuels has previously redeveloped industrial buildings in Manhattan and Brooklyn.

CLICK HERE to read the full SFBJ article.

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NEWS PICK-UP: 2017 Big Year for Neil Merin

“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”

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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.

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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.

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