Commerce Pointe Gold Sells for $8.5 Million

Hats off to Neil E. Merin, SIOR, CCIM and Jason L. Sundook, SIOR who represented the buyer in the $8.5 million sale of Commerce Pointe Gold, a 99% occupied, 43,433 SF office building at 1800 S Australian Avenue in West Palm Beach. The property previously sold for $4.3 million in 2011.

Commerce Pointe Gold is adjacent to I-95 and minutes from everything that downtown West Palm Beach has to offer including Brightline, Rosemary Square and the Flagler Financial District, offering an ideal location for Palm Beach County professionals.

More details, courtesy of Commercial Property Executive: View Link | View PDF

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Mystic Cruises Fleet

Portuguese Cruise Line Chooses 1 E Broward for American HQ

Mystic Cruises, a recently acquired brand of Portuguese travel and tourism company Mystic Invest, has chosen 1 E Broward for their American headquarters. The new cruise line focuses on offering Polar expeditions with destinations including Iceland, Greenland, Antarctica, and Europe.

Mystic Cruises inaugurated their first ship in April 2019, the newly built World Explorer, and have two more ice-class ships in the works: World Voyager and World Navigator.

Maxwell Pawk, Commercial Associate for NAI/Merin Hunter Codman, arranged the 7,000 SF lease at 1 E Broward in downtown Fort Lauderdale along with Chairman, Neil E. Merin, SIOR, CCIM. South Florida was an ideal location for the company’s headquarters and the building offers unbeatable amenities for work-life balance including an on-site fitness center, restaurants, shuttle service and more. 1 E Broward’s premier location in Fort Lauderdale’s Central Business District is close to everything the area has to offer.

We’re happy to welcome Mystic Cruises to the 1 E Broward roster and look forward to seeing their continued expansion!

Are you in need of office space? NAI/Merin Hunter Codman is one of South Florida’s leading commercial real estate firms and the largest in Palm Beach County. We have 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. To learn more about our services click here.

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Dated West Palm Beach Retail Development to Become Urban Village

By: Paul Owers, CoStar

After opening almost two decades ago near downtown West Palm Beach, Florida, the largest real estate development in the city’s history has a new name and focus, part of an evolution older centers nationwide are undertaking to appeal to millennials who prefer to shop online.

CityPlace, at 575 S. Rosemary Ave. , now is known as Rosemary Square, and The Related Cos. of New York says it is spending $550 million in the next five years to rebrand the aging outdoor center as an urban village to make it more of a destination that is different from other developments. West Palm Beach sits just across the Intracoastal Waterway from President Donald Trump’s Mar-a-Lago resort and other palatial properties in Palm Beach.

Similar retail transformations are happening at centers in and near Miami and across the United States as e-commerce gains more traction in the era of Amazon.

As Macy’s, Sears and other traditional retail heavyweights close stores, mall landlords are replacing them with innovative concepts and tenants that offer experiences to customers. Some owners are reconfiguring the spaces, adding apartments and even grocery stores , as a way to keep once-stale properties relevant.

“Not only do they have to be innovative and creative, but once the innovation becomes public, the shelf life is obviously shorter because everybody duplicates it,” said Michael Lagazo, an independent retail broker in San Diego.

“Shopping doesn’t hold our fascination as it did in the ‘70s, ‘80s and ‘90s,” added Neil Merin, a longtime South Florida broker and chairman of Merin Hunter Codman in West Palm Beach. “People want unique experiences.”

While the new name may be hard to get used to, CityPlace’s repositioning has merit, said Robert Granda, vice president of investments for the Marcus & Millichap brokerage in Fort Lauderdale, Florida.

“They had to do something,” Granda said. “CityPlace had a negative correlation. It was dying a very slow death.”

At first, the $375 million CityPlace was an image boost for West Palm Beach. The development helped the city attract locals who left Palm Beach County to drive south to bars and restaurants on trendy Las Olas Boulevard in Fort Lauderdale or to the swanky nightclubs on Miami Beach.

But CityPlace eventually grew stagnant, losing patrons to nearby downtown areas, including Atlantic Avenue 20 miles south in Delray Beach, Granda said.

Related Cos.’ investment in Rosemary Square includes adding a hotel and a 300,000-square-foot office tower while also turning a former Macy’s department store into a 21-story mixed-use building featuring residences and office space.

Click Here to view full original article | Click Here to view PDF

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The Buzz! Beeline Commons coming to the Palm Beach Park of Commerce

NAI/Merin Hunter Codman tapped to lease the retail development at Beeline Commons.

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Palm Beach County’s leading commercial real estate firm, announces the retail leasing assignment of Palm Beach Park of Common’s Beeline Commons, 15519 Beeline Highway, 15279, 15319, and 15320 Commercial Circle in Jupiter. NAI/Merin Hunter Codman has partnered with Palm Beach Investment Property LLC to bring two 2,200-square foot quick service restaurants and a 5,600-square foot gas station/convenience store to the 9.54-acre Beeline Commons development.

All three sites will be located at the entrance of Palm Beach Park of Commerce to service the needs of the 70 existing businesses and 4,800 current employees. Additional area development plans include Kelly Slater’s Surf Ranch Florida surf park, TPA Group’s latest warehouse, a four-story medical office building and a 75,000-square foot, 120-room hotel. Pratt & Whitney and a major aviation complex also anchor the business park.

“The Beeline Highway area and Palm Beach Park of Commerce have become a destination for industrial users. With workforce growth comes the need for retail, Palm Beach Investment Property LLC purchased property in 2017 with that foresight in mind. NAI/Merin Hunter Codman is proud to partner with Beeline Commons in assisting to fill that need,” stated NAI/Merin Hunter Codman Chairman, Neil E. Merin, SIOR, CCIM.  The NAI/Merin Hunter Codman leasing team consists of Chairman, Neil E. Merin, SIOR, CCIM and Bruce Corn, Retail Services Group’s Managing Director. To learn more about leasing opportunities please call 561-471-8000.

Full Press Release | Leasing Information

General Press Releases

PRESS RELEASE: Industry Leaders Recognizing Industry Leaders

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.

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Neil Merin Recognized as 2018 SIOR Top Transaction Award Winner

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:

  1. David Schmidt, SIOR, and Stephen Gibson, SIOR, both of Colliers International, arranged the $245 million sale of 445,058 square feet of office space in Santa Clara, California;
  2. Damian Rivera, SIOR, of ESRP arranged the $110 million lease of 1,252,908 square feet of office space in Plano, Texas;
  3. Neil Merin, SIOR, CCIM, of NAI Merin Hunter Codman arranged the $108.5 million sale of 351,705 square feet of office space in Fort Lauderdale, Florida;
  4. Mark Detmer, SIOR, CCIM and Bo Mills, SIOR, of JLL arranged the $98 million sale of 1,009,387 square feet of industrial space in Phoenix, Arizona;
  5. Mark Zorn, SIOR, of Colliers International arranged the $94.2 million sale of 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.

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PRESS RELEASE: Downtown Ft. Lauderdale Office Tower, 1 East Broward, Trades for $108,500,000

–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.

Press Releases Transactions

Q&A: NAI Chairman and South Florida Broker Neil Merin on Bubbies, Bubbas and Brightline

NAI/Merin Hunter Codman Exec Expresses Concern About Rise in Sublease Space

In the 1970s, Neil Merin was making $160 a week running a production line for a toy manufacturer in the Northeast when he quit to move to Palm Beach County for a property manager position that paid 10 percent more.

The new gig would be short-lived.

“The company I went to work for down here went out of business six months after I joined, so I went and got a real estate license and started selling properties in 1976,” he explained.

Merin would start West Palm Beach-based NAI / Merin Hunter Codman in 1982, and today he is one of South Florida’s longest-tenured commercial real estate brokers.

While he handles all aspects of the brokerage industry, his specialty is the sale and leasing of office and retail properties. Just in the past two decades, Merin has represented tenants and landlords in negotiations totaling more than 30 million square feet and values exceeding $7 billion.

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