NEWS PICK-UP: Spencer Grossman Represents Buyer in $495,000 Sale

KW Commercial Executes Record-Breaking Sale of Belvedere Tattoo Parlor

New area expansion spurs demand for previously unwanted buildings in the East Belvedere Corridor.

WEST PALM BEACH, FLORIDA, UNITED STATES, October 12, 2018 — Palm Beach-based Keller Williams Commercial Real Estate announced today that Managing Agent Brad Kuskin recently represented the seller in the $495,000 sale of a 2,000-square-foot former tattoo parlor on the eastern portion of Belvedere Road. The transaction price of $248 per square foot represents a five-year record for proportionate sales prices along the East Belvedere Road corridor.

KW CRE negotiated the transaction on behalf of long-time Boynton Beach resident who had initially purchased the property in 1997 for $75,000. Buyer-agent Spencer Grossman of NAI/Merin Hunter Codman represented the local buyer, Farm To Family, LLC, who intends to utilize the building as a vegan-oriented meal delivery preparation facility. The well-positioned location on Belvedere provides the Buyer with direct access to affluent El Cid and Palm Beach Island communities. The acquisition was contingent on the relocation of an existing tattoo parlor and South American boutique, who had previously occupied the building under annual leases.

“Transaction terms were finalized only days after initially listing the property, which clearly illustrates the growing strength and allure of the southern West Palm Beach neighborhoods, particularly in well-positioned older buildings. Many downtown buildings have extremely passive owners, who don’t align lease structure with current market trends, offering additional value to long-term business operators and investors,” said Kuskin. “We worked through several unique challenges related to the tenants and provided our client with maximized value based on a very dynamic market and potential user base. KW Commercial managed expectations of all parties while directly addressing concerns of tenants forced into relocation and early lease termination. It was a testament to the work of agents on both sides who worked to close the transaction promptly and at the originally negotiated terms.”

“Keller Williams Commercial Real Estate has the unique footprint and breadth to provide clients the benefit of expansive transaction experience and rock-solid relationships throughout the South Florida market,” said Kuskin. “Our national scope, combined with our commitment to a superior level of client service, allows us to provide unparalleled market insight, leading to strategic investment and liquidation initiatives, ultimately leading to maximized transaction efficiency.”

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PRESS RELEASE PICK-UPS: 1 E Broward Sale

Several media organizations have picked up our Press Release on the sale of 1 E Broward. Details below:

South Florida Business Journal – View PDF | View Article

CoStar – View PDF

The Real Deal – View PDF | View Article

BOMA – View PDF | View Article

CRE Sources – View PDF | View Article

REBusiness Online – View PDF | View Article

South Florida Business Wealth – View PDF

Commercial Property Executive Online – View PDF | View Article

The News Funnel – View PDF | View Article

Newsmakers – View PDF | View Article

South Florida Business Journal (News in Brief) – View PDF

The Real Deal (South FL Office Market article) – View PDF

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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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