A few media organizations have picked up our Press Release on the firm’s new property management and leasing assignment of The Press, the former ±300,000 SF Palm Beach Post campus located at 2751 S Dixie Highway in West Palm Beach.
Several media organizations have picked up our Press Release on the TherapeuticsMD lease transaction at our 951 Yamato property in Boca Raton. The deal is the largest lease transaction in Palm Beach County for this year.
Neil was quoted in the below article, written by Mike Seemuth of The Real Deal.
Real estate executive and Miami Dolphins owner Stephen Ross scored the most recent victory in the battle of billionaires looking to build high-rise office projects in downtown West Palm Beach. Ross was on an apparent collision course with Jeff Greene, real estate investor and former candidate for governor of Florida, but it appears that New York-based Related Companies, led by Ross, has won out — for now.
In reaction to the August news that part of the downtown would be upzoned, thereby allowing Related to proceed with a 25-story office project called One Flagler, Greene shelved his One West Palm project, citing an “uncertain zoning climate.” The city-approved project was a mix of office space, hotel rooms and apartments in two 30-story buildings, designed by Miami-based Arquitectonica.
The cancellation of Greene’s project seems to have exposed limits to commercial development in the central business district of West Palm Beach, despite local efforts to recruit out-of-town employers.
–CBRE structures sale and financing of iconic Class A office tower to a joint venture between NAI/Merin Hunter Codman and Pacific Coast Capital Partners–
West Palm Beach, Fla. – 1 East Broward Owner, LLC, a joint venture between affiliates of NAI/Merin Hunter Codman and PCCP, LLC has acquired 1 East Broward, a Class A office tower in downtown Fort Lauderdale for $108,500,000.
The CBRE Capital Markets team facilitated the sale of the 19-story, 351,705 square foot, institutional-quality office building on behalf of the seller, Ivy Realty. Additionally, the CBRE Debt & Structured Finance team arranged acquisition financing of $77,465,500 with SunTrust Bank on behalf of the buyer. Vice Chairman, Christian Lee and Senior Vice President, José Lobón of CBRE oversaw the transaction on the sale effort, and First Vice President, Amy Julian oversaw the financing for CBRE working with Chief Financial Officer Dung Lam and Acquisitions Director Corey Winsett on behalf of NAI/Merin Hunter Codman. The CBRE team also included Senior Financial Analyst, Andrew Chilgren. Rebecca M. Cox, SunTrust Senior Vice President, provided the financing. Kapp Morrison LLP provided legal counsel to the seller and Shutts and Bowen provided legal counsel to the buyer.
The property is located on the northeast corner of Broward Boulevard and Andrews Avenue, in the heart of Fort Lauderdale’s rapidly expanding downtown, across from the new Brightline Rail Station. The 91% leased property includes a 19-story building and a 5-story building that are connected by a covered sky bridge to a 4-story parking structure that provides the office tenants with 772 covered parking spaces. The Property recently received an extensive renovation with over $4.9 million invested since the beginning of 2013 and serves as the new U.S. headquarters for KEMET Corporation, a leading publicly traded global supplier of electronic components. KEMET recently relocated its corporate headquarters from Greenville, SC to 1 East Broward bringing 150 additional jobs to the Fort Lauderdale CBD. KEMET joins several leading law firms who have corporate and regional headquarters at 1 East Broward including Becker & Poliakoff, Quintairos, Prieto, Wood & Boyer, P.A., McGlinchey Stafford and Hinshaw & Culbertson LLP.
951 Yamato undergoes a series of property improvements, earning the US Environmental Protection Agency’s (EPA’s) prestigious ENERGY STAR rating
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, announced the acceptance of the U.S. Environmental Protection Agency’s (EPA’s) prestigious ENERGY STAR on behalf of 951 Yamato, a 146,000-square foot, Class-A office building located in Boca Raton. By meeting these strict standards, 951 Yamato is saving energy, saving money and helping protect the environment by generating fewer greenhouse gas emissions than typical commercial buildings.
Energy efficiency and reducing tenant overhead costs were at the forefront of 951 Yamato’s recently completed million-dollar property improvement program which included environmental sensitive upgrades such as changing all common area lighting to LED and installing electric smart car charging stations for tenant and visitor use. A partial list of additional property improvements include: modern white, gray and striking gold exterior paint, new monument signage, new carpet and furniture in both the east and west entrances, as well as new tables and chairs in the soaring two-story, 8,000-square foot atrium where tenants can be found hosting events, taking informal meetings and gathering for lunch. A state-of-the-art shared tenant conference room is also being constructed at 951 Yamato.
Article by Jeff Ostrowski – Palm Beach Post Staff Writer
Entrepreneur Hannah Wickins scoured Palm Beach County for space suitable for the indoor pet park that she calls “Disney World for dogs.” She settled on the long-empty Home Depot Expo at Woolbright Road and Interstate 95 in Boynton Beach. Wickins signed a bargain lease for 20,000 square feet for her Dog Activity World Group.
“It was a very desolated plaza,” Wickins said. “But the location had potential. I knew it was only a matter of time before that plaza turns around.”
Indeed. The former Home Depot Expo space has sat empty for nearly a decade. But in a recent flurry of activity, Wickins leased the 20,000 square feet at the south end of the property, and Illinois-based retailer Camping World this spring bought the other 88,000 square feet for $8.25 million.
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, takes Six 2017 CoStar Power Broker Awards. Each year commercial real estate firms and professionals who achieve the highest volume of sales and leases are recognized with prestigious power Broker Awards by CoStar Group, Inc. (NASDAQ — CSGP). For the past 15 years NAI/Merin Hunter Codman has been consecutively recognized in CoStar’s Power Broker Awards, this year’s awards include:
- Top Sales Firm
- Top Leasing Firm
- Top Leasing Broker – Chairman, Neil E. Merin, SIOR, CCIM
- Top Leasing Broker – Principal, Jason L. Sundook, SIOR
- Top Industrial Broker – Principal, Jason L. Sundook, SIOR
- Top Retail Leasing Broker – Managing Director, Bruce Corn
Jordan Paul, CEO of NAI/Merin Hunter Codman said, “We are proud that NAI/Merin Hunter Codman, its partners, and many of our outstanding brokers have been consecutively recognized as industry leaders by CoStar. This recognition reflects our market expertise and dedication to providing the highest quality service for our South Florida clients. Congratulations to Neil, Jason and Bruce on their much-deserved recognition.”
CLICK HERE to view the full press release.
“The Palm Beach Post reported that billionaire Jeff Greene is ready to hire a general contractor to build a 30-story office, hotel and apartment complex in West Palm Beach.
Neil Merin, chairman of NAI/Merin Hunter Codman, told the Palm Beach Post that Greene and Related Cos. will need at least five years to lease the office space at both One West Palm and 360 Rosemary if they open simultaneously.”