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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.
NAI/Merin Hunter Codman, NAI Miami, and NAI Rauch Weaver, together with NAI Global were proud to again sponsor the area’s premier ESPN college football game – the 2017 Cheribundi Boca Raton Bowl held at Florida Atlantic University in Boca Raton. This year, home-team FAU Owls racked up 582 yards of offense, converting five fourth downs, including four touchdowns, leading them to a 50-3 victory over Ohio’s Akron.
Thank you to all of our clients, partners and Urban League attendees for joining us at this year’s game. We look forward to seeing you again at our 2018 pre-game tailgate.
Excerpt from Crew Palm Beach/Treasure Coast.
Crew Palm Beach/Treasure Coast hosted the largest crowd this year at this month’s program on Tuesday, October 10th at the DoubleTree Hotel.
Jeff Greene, local real estate tycoon, spoke to CREW members on the upcoming projects throughout Palm Beach County, including One West Palm, micro-apartments on Banyan Blvd, Clematis Place and Currie Park.
Greene has built his career mainly in real estate starting back when he was a college student. Today the bulk of his fortune includes some 30 properties in Florida, 3,500 apartments in Los Angeles and 3 buildings in downtown Manhattan.
“Jeff is always a crowd favorite and we are so grateful that he took the time to speak to our chapter,” says Barbara LeBrun, Past-President for CREW Palm Beach Treasure Coast, “And, our members really enjoyed his insight on the short and long term predictions for Palm Beach County.”
Click here to read their full release.
Our staff was happy to get together for our annual ornament exchange and potluck! Please enjoy some pictures below.
It’s the most wonderful time of the year… and MHC was happy to celebrate the season at our annual Holiday Party on December 7th at the Silverball Pinball Museum in Delray Beach. The venue was full of classic (and some new!) pinball and arcade games for everyone to enjoy, along with delicious food and drinks.
From a competitive game of Skee-Ball to a beat-down in Mortal Kombat to hitting the highest score on Dialed In (way to go Bruce!) we were happy to be able to connect with our MHC family and enjoy a fun evening outside of the office.
Please enjoy some pictures of the party below!