CLICK HERE to view the January – March 2019 Sales & Lease Transactions for the firm.
NAI/Merin Hunter Codman receives top CoStar, South Florida Business Journal, SIOR, CCIM
and NAIOP commercial real estate awards and recognition.
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Palm Beach County’s leading commercial real estate firm, has been recognized by top commercial real estate organizations: CoStar Group, Inc., Society of Industrial and Office Realtors (SIOR), Certified Commercial Investment Member (CCIM), National Association of Industrial and Office Parks South Florida Chapter (NAIOP), and the South Florida Business Journal, for 2018 commercial real estate transactions and property management.
CoStar Group, Inc., the commercial real estate analytic leader, recognizes professionals and firms who closed the highest transaction volume in their respective markets by awarding CoStar’s prestigious Power Broker Awards. NAI/Merin Hunter Codman has been a CoStar Power Broker Award recipient for 16 consecutive years. 2018 Power Broker awards include:
- Top Sales Firm
- Top Leasing Firm
- Top Retail Leasing Broker, Bruce Corn
NAI/Merin Hunter Codman was also again recognized by the South Florida Business Journal in the 2019 Book of Lists as the #1 Property Management firm in Palm Beach County and #16 in South Florida. Rankings are a based on rentable square feet managed as of July 2018.
NAI/Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM was recognized by both SIOR and CCIM for 2018 transactions. Mr. Merin was listed in SIOR’s Top Transaction Award Winner and CCIM’s Biggest Deal of 2018 announcements. The firm was also a finalist for NAIOP South Florida Chapter’s 2018 Office Sale of the Year: Over $50 Million for their participation in the purchase of 1 East Broward, in Ft. Lauderdale, FL. Jordan Paul, CEO of NAI/Merin Hunter Codman stated, “The market expertise provided by our team of professionals sets NAI/Merin Hunter Codman ahead of the pack. It is a true honor to be recognized as an industry leader.”
CLICK HERE to view the full press release.
We’re thrilled that 1 E Broward was nominated for the NAIOP Award of Excellence for “Office Sale of the Year Over $50 Million”. 1 E Broward is a 351,705 SF Class-A office tower in downtown Fort Lauderdale. The $100 million-plus acquisition required extensive teamwork between the Seller, a local operating partner, and an institutional owner.
NAI/Merin Hunter Codman, Inc. would like to recognize CBRE, PCCP, SunTrust Bank, Shutts & Bowen and Kapp Morrison LLP for their parts in this complex transaction.
The Awards of Excellence are held annually and recognize various achievements in the South Florida commercial real estate market.
In addition to awards for the biggest and best of 2018, the evening also celebrated CBRE Senior Vice President Harry Tangalakis, who received the Lifetime Achievement Award.
Congrats to all nominees and winners!
Please find an excerpt of SIOR’s Press Release below.
“SIORs are known around the world as the elite commercial real estate professionals in their respective market and specialty,” said Robert G. Thornburgh, SIOR’s Global President. “The Top Transaction Award Winners have truly distinguished themselves as the best of the best in the industry. We would like to congratulate all the recipients of this tremendous honor and for continuously delivering extraordinary results to their clients throughout the year.”
The top five transactions of the year are:
- David Schmidt, SIOR, and Stephen Gibson, SIOR, both of Colliers International, arranged the $245 million
saleof 445,058 square feet of office space in Santa Clara, California;
- Damian Rivera, SIOR, of ESRP arranged the $110 million lease of 1,252,908 square feet of office space in Plano, Texas;
- Neil Merin, SIOR, CCIM, of NAI Merin Hunter Codman arranged the $108.5 million
saleof 351,705 square feet of office space in Fort Lauderdale, Florida;
- Mark Detmer, SIOR, CCIM and Bo Mills, SIOR, of
JLLarranged the $98 million saleof 1,009,387 square feet of industrial space in Phoenix, Arizona;
- Mark Zorn, SIOR, of Colliers International arranged the $94.2 million
saleof 702,663 square feet of industrial space in Rialto, California.
SIOR has also recognized the Top 50 Office Deals, Top 50 Industrial Deals, Top 10 Office Sales, Top 10 Office Leases, Top 10 Office Investment and Top 10 Industrial Investment. For a complete list of the 2018 SIOR Top Transaction lists, click here.
Excerpt from the Daily Business Review article by Lidia Dinkova; published 2/25/19.
Trophy office towers have been trading across South Florida in spite of the regional market slowing down after five years of robust growth.
“In South Florida in general, (we are) attracted to the job growth and the population growth,” said Kevin Chin,
The real estate finance and investment management firm with offices in California and New York bought downtown Miami’s SunTrust International Center for $127 million and as part of a joint venture bought downtown Fort Lauderdale’s 1 E Broward for $108.5 million.
1 E Broward “is a well-leased building. It’s the closest office building to Brightline, so we thought that was attractive as well,” Chin, who is based in New York, said using Virgin Trains’ previous name.
PCCP bought the 19-story Fort Lauderdale building in a joint venture with West Palm Beach-based NAI/Merin Hunter Codman from Ivy Realty.
For NAI/Merin, a commercial real estate services firm that has started buying as well, the purchase was motivated in part by Fort Lauderdale’s growth.
“I can tell you a lot of the young people in my office who formerly would have gravitated to Miami or Delray Beach are now choosing instead to move to Fort Lauderdale,” said Neil Merin, NAI/Merin chairman, and founder.
The purchase also made sense for PCCP because the $127 million price tag is much less than new construction, Chin noted. Both SunTrust and 1 E Broward offer an upside in rental revenue, too.
Ivy Realty, which sold 1 E Broward, invested $5 million in renovations in the 1984 tower and raised the occupancy to 91 percent. Since the sale, the rate is up to 93.5 percent.
At the same time, rents have remained below market, according to Merin.
The average now is $18 per square foot, triple net, compared with the average market rate of $30 to $35 per square foot, he said. Rents won’t be increased to the market rate but may hit $28 a square foot.
Aside from the Fort Lauderdale train station, the tower is just south of FATVillage, a once dilapidated warehouse district that’s experienced a rebirth.
“It looks very much like Wynwood five or maybe six years ago,” Merin said, referring to FATVillage. “Instead of being adjacent to the worst neighborhood in Fort Lauderdale, it (1 E Broward) is adjacent to the most attractive neighborhood in the city.”
CoStar shared information about Hinshaw & Culbertson’s 16,696 SF lease renewal at 1 E Broward, facilitated by Max Pawk and Neil Merin, who represented the Landlord. Please find an excerpt below.
Chicago-based law firm Hinshaw & Culbertson has renewed its lease on the 10th floor of the One East Broward office building at 1 E. Broward Blvd. in Fort Lauderdale, Florida.
The tenant will remain in its 16,696-square-foot suite under a new five-year deal.
The U.S. law firm has three locations in Florida, including the downtown Miami and Tampa areas. Attorneys in its Fort Lauderdale office in particular specialize in corporate and business law matters, real estate, financial planning, liability and corporate organization, construction litigation, environmental law and labor/employment law, according to its website.
Built in 1984, the 19-story, 351,705-square-foot, 4-Star office tower sits on 4.6 acres in the Downtown Fort Lauderdale submarket of Broward County. The building underwent a common-area renovation in 1999 and it features reserved parking in a subterranean garage, 24-hour availability, an atrium, on-site banking and convenience store, conferencing facilities, a fitness center, restaurant, cafe and other tenant amenities.
Click here to read the full article.
A few media organizations have picked up our Press Release on the recent sale of the Former Toys “R” Us building at 450 S State Road 7.
— NAI/Merin Hunter Codman represents buyer in the purchase of a vacant 55,962 square foot retail box. —
West Palm Beach, Fla. – NAI/Merin Hunter Codman Managing Directors, Barbara LeBrun, SIOR and Lesley Sheinberg represented a confidential buyer in the $15,800,000 purchase of 450 S State Road 7 in Royal Palm Beach. The 55,962 square foot retail property, built in 2012, traded for $282.33 per square foot. Ross Waters, Principal of Atlantic Realty represented the seller Treeco/Soder Royal Palm LLC who purchased the property in 2015 for $13,000,000 when the building was 100% leased to Toys “R” Us. The June 2018 closing of the iconic Toys “R” Us chain left a gaping 28.6 million square foot vacancy in the U.S. retail market. The company owned or leased 23 properties in the South Florida Tri-County market, ten of which were in Palm Beach County, most of which currently stand empty and are available for redevelopment.
Several media organizations have picked up our Press Release on the 10,661 SF JG Wentworth transaction at our 951 Yamato property in Boca Raton.