PRESS RELEASE: Former Toys “R” Us Building in Royal Palm Beach Sells for $15,800,000

— 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.

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PRESS RELEASE: NAI/Merin Hunter Codman Executes $2,725,000 Sale of Vacant Former CVS in Boca Raton

— Chairman, Neil E. Merin, SIOR, CCIM and Principal, Spencer S. Grossman represented the seller, Kimberly Estates II, LLC, in the 11,200-square-foot transaction —

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, would like to congratulate its Chairman, Neil E. Merin, SIOR, CCIM and Principal, Spencer S. Grossman on the $2,725,000, $243 per square foot, sale of 10055 Yamato Road in Boca Raton. NAI/Merin Hunter Codman represented the seller, Kimberly Estates II LLC in the sale of the 11,200-square-foot former CVS building constructed on 1.30 acres. Andy Mandel a Broker with RE/MAX Advisors represented the purchaser, Nexgen Legacy Group LLC.

NAI/Merin Hunter Codman Principal, Spencer S. Grossman reported, “Our client, which had owned the property for nearly 12 years, was ready to dispose of the asset as it no longer fit their investment criteria. The day the property hit the market multiple offers were received and we were able to negotiate a great deal for our client. The property traded for just under the asking price as it is rare to find well-built buildings on hard corners in Boca Raton.”

Neil E. Merin, SIOR, CCIM, Chairman of NAI/Merin Hunter Codman added, “Maximum asset value, despite vacancy, is the highlight of this transaction. Through NAI/Merin Hunter Codman’s three decades of local market expertise we were able to correctly price and position the asset which ultimately allowed us to find the right buyer.”

The purchaser, Nexgen Legacy Group, LLC, plans to convert a portion of the property for its own businesses and build-out an executive suite operation in the remainder of the space.

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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.

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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.

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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.

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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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CCIM’s Biggest Deal & SIOR’s Top 10 & 100 Name NAI/Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM

Neil Merin-new-bioWest Palm Beach, FL – NAI/Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM, has been awarded CCIM’s Biggest Deal and named in SIOR’s Top 10 & 100 Office Transactions for the execution of 2017 office sales transactions. This is the second consecutive year Mr. Merin has received these honors after completing $315 million of sales transactions consisting of 2.4 million square feet over the last two years.

Each year SIOR (Society of Industrial and Office Realtors) selects the Top 100 Office Deals conducted by their members around the globe. Mr. Merin was awarded multiple placements in the Top 10 Office Sales Transactions of 2017 announcement and was listed four times in their Top 100 Office Sales Transactions of 2017 report.

“Neil is the premier Palm Beach County commercial real estate expert. His unwavering passion for this industry coupled with his devotion to the county is unmatched; it is my extreme pleasure to extend well-deserved congratulations to my partner and friend,” stated Jordan Paul, Chief Executive Officer of NAI/Merin Hunter Codman.

About SIOR
Headquartered in Washington, DC, the SOCIETY OF INDUSTRIAL AND OFFICE REALTORS(SIOR, www.sior.com) is a global professional organization that certifies commercial real estate service providers with the exclusive SIOR designation. Individuals who earn their SIOR designation adhere to the highest levels of accountability and ethical standards. Only the industry’s top professionals qualify for the SIOR designation. Today, there are nearly 3,200 SIOR members in 685 cities in 36 countries.
About CCIM
CCIM Institute, www.ccim.com, is commercial real estate’s most influential professional organization, with members closing $200 billion annually in commercial real estate deals. For 50 years, the Institute has been building opportunities through its respected education program, led by established practitioners. CCIM Institute members are eligible to earn the CCIM designation, the industry’s most prestigious certification.
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, Palm Beach Gardens and Wellington.
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