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NEWS PICK-UPS: Golden Bear Plaza Acquisition

A few media organizations have picked up our Press Release on the recent acquisition of Golden Bear Plaza in Palm Beach Gardens.

CoStar: View Link | View PDF

South Florida Business Journal: View Link | View PDF

The Real Deal: View Link | View PDF

Commercial Property Executive: View Link | View PDF

RE Business Online: View Link | View PDF

Globe Street: View Link | View PDF

Daily Business Review: View Link | View PDF

CRE News: View Link | View PDF

BOMA: View Link | View PDF

Business Development Board: View Link | View PDF

Boca Tribune: View Link | View PDF

Palm Beach Chamber North: View Link | View PDF

Boca Chamber: View Link | View PDF

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PRESS RELEASE: Major Boca Raton Office Campus in Foreclosure Sale

— NAI/Merin Hunter Codman bringing former Canon Solutions Campus to market. —

West Palm Beach, Fla. – The former Canon Solutions America, Inc. customer experience and showroom center, located in the Park at Broken Sound, is being offered for sale by Court Appointed Receiver Neil Merin, Chairman of NAI/Merin Hunter Codman. The receivership is the result of a foreclosure action filed due to a loan default which occurred when Canon’s long-term lease expired. Consisting of 143,290 square feet of office space situated on 12.24 acres in Boca Raton’s premier mixed-use development, the site and building is one of the largest commercial real estate offerings in Boca Raton, Florida.

According to Mr. Merin the property is being offered on an “as-where is” basis. “This is a significant piece of real estate that has generated much interest as a result of the foreclosure,” Mr. Merin stated, “I expect to market the property and accept bids for just a few weeks before selecting a buyer.” The property is located at 5600 Broken Sound Boulevard NW, Boca Raton, Florida 33487. It was constructed in 2002 to the highest corporate levels as a build-to-suit for the former tenant. Features of the property include a full backup generator facility, over 450 on-site parking spaces, an on-site full-service cafeteria with indoor and outdoor seating, and the offices all feature raised floor electrical distribution for easy reconfiguration and layout. Additionally, due to the large site size, there is potential to add significant additional building area to the existing structures.

For additional information about this opportunity please contact Neil. E. Merin, SIOR, CCIM at 561-471-8000.

Click here to view the full Press Release.

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Billionaire Jeff Greene battles with WPB mayor over unfinished office building

The following excerpt was originally written by Katherine Kallergis and Keith Larsen of The Real Deal. Click here to view the full article.

Two weeks ago, billionaire developer Jeff Greene threatened to stop construction of a two-tower, 30-story mixed-use project in downtown West Palm Beach.

Jeff Greene and a rendering of 550 North Quadrille Boulevard (Credit: Arquitectonica International via Facebook)

Greene, who told the Palm Beach Post in late April that he would “leave the shell up” because the city was resistant to approve a zoning request, is changing his tune. Now, he’s saying that he will build the project at 550 North Quadrille Boulevard as is, but at a slower pace, if he can’t get the property rezoned. Greene wants to change the project’s zoning from hotel, office space and multifamily to all multifamily.

West Palm Beach’s Central Business District has 673,350 square feet of Class A office space under construction, with an average asking rent of $54.39 per square foot, according to Colliers International South Florida’s first quarter report.

Neil Merin, chairman of the commercial real estate firm NAI Merin Hunter Codman, said the city has shown that it can only absorb one new Class A office building every 10 years.

To go forward with the office component of the One West Palm project “seems to be silly,” Greene said. He’s already invested $100 million into construction.

Want to read the full story? View PDF | View Link

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Tuesday’s Tour of the Day: Centurion Tower

Check out Centurion Tower, a first-class office building near downtown West Palm Beach.

Centurion Tower delivers downtown West Palm Beach Class-A office space amenities at a suburban price point. Centurion Tower is a 144,000-square foot, 14-story, Class-A office building which features an attached 5-story parking garage with covered access, ample surface parking, 24-hour security with closed circuit TV monitoring system, and separately metered, multi-zoned HVAC with no overtime HVAC charges.

Centurion Tower is located just off of Palm Beach Lakes Blvd on Forum Place, less than a minute to I-95 and the Palm Beach Outlets with numerous restaurants, shops and banks within walking distance. Palm Beach International Airport, the County Courthouse, and Downtown West Palm Beach are also just a short drive away.

Call Christopher T. Smith or Shelbi Quinn at 561-471-8000 and come experience Centurion Tower’s stunning golf course and water views today. Don’t forget to ask about Centurion Tower’s recently completed move-in ready spec suites available for lease.

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DEALS FORECAST: Predictions about the future of South Florida real estate

The following excerpt was originally written by the South Florida Business Journal. Click here to view the full article.

Before the novel coronavirus infected the South Florida real estate industry, it was always clear whether it was a buyer’s or seller’s market.

But, like most industries, it’s a sector of the region’s economy that’s not immune to the virus, formally known as Covid-19.

An abundance of confidence in South Florida’s most valuable sector has morphed into a wealth of unpredictability in recent weeks.

The Business Journal reached out to local experts — many of whom have weathered previous downturns — to get their take on what the future might look like for each segment of the region’s booming real estate industry: residential, industrial, office, retail and hospitality.

We also asked professionals how the coronavirus affected their deal flow. The results of a Business Journal survey offer a rough picture of an industry at a standstill.

From small companies to large ones, a majority told us that the pandemic greatly slowed or halted deal flow. Most say that’s because of uncertainties among buyers and sellers.

Neil Merin offered his take on the office sector below.

“There will be a slightly higher vacancy rate because some companies will totally fail. Some tenants will renegotiate their rent. Some see it as a way to preserve cash.” – Neil Merin, Chairman, NAI Merin Hunter Codman

What do other professionals have to say? How will each sector feel COVID-19’s impact? See the original article here: View PDF | View Article

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Tuesday’s Tour of the Day: 951 Yamato

Check out the stunning 951 Yamato office building in Boca Raton!

A 146,000 square foot Boca Raton Class-A office building featuring a stunning atrium, lush interior courtyard, concierge services and electric car chargers. 951 Yamato is located in Boca Raton, midway between Broward and Palm Beach County business markets and just one mile from I-95 with a Tri-Rail Shuttle stop at the building. Searching for the perfect office suite for lease? 951 Yamato offers small and medium move-in ready spec suites, as well as corporate headquarter sized space for lease. Now ENERGY STAR rated!

Call Jay Grossman or Rich Brockney today at 561-471-8000 to learn more about office space for lease in Boca Raton.

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A Commercial Real Estate Starr Joins NAI/Merin Hunter Codman

Former CBRE First Vice President Adam Starr joins NAI/Merin Hunter Codman as Managing Director in the brokerage division.

West Palm Beach, FL – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate firms, is pleased to welcome South Florida commercial real estate expert, Adam Starr, to the firm’s brokerage team as Managing Director. Mr. Starr will be specializing in the sale and leasing of office and industrial properties throughout south Palm Beach and Broward counties.

Mr. Starr, a six-time CoStar Power Broker Award winner, brings over two decades of commercial real estate expertise to NAI/Merin Hunter Codman. Mr. Starr has successfully negotiated over 15,000,000 square feet of sales and lease transactions throughout South Florida for firms such as CBRE, Brenner Real Estate Group, and the Trammell Crow Company. Mr. Starr’s focus will remain in tenant and landlord representation, as well as investment sales.

“It is always a pleasure to welcome a seasoned, commercial real estate professional to our firm. Adam has successfully navigated a wide variety of transactions through all of South Florida’s market cycles. He is a well-liked and highly respected industry expert that is known for his market knowledge, tenacity, professionalism and absolute commitment to the highest level of service for his clients,” stated Jordan Paul, CEO, NAI/Merin Hunter Codman.

“I have done business with Adam many times over the years. He has developed a remarkable track record of creating value and attaining favorable financial returns for his clients. He is a very welcome addition and will be a true asset to the firm’s brokerage team,” stated NAI/Merin Hunter Codman, Chairman, Neil E. Merin, SIOR, CCIM.

Click here to view the full Press Release.

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The Press: Former Palm Beach Post Building Redevelopment

The news is out! The former Palm Beach Post building is being redeveloped into The Press: Palm Beach’s new, vibrant work-play destination.

This unique destination has a rich history as the former Palm Beach Post campus and is being redeveloped into an innovative lifestyle center complete with offices, shops, and an organic grocer. Workplaces at The Press offers contemporary offices with stunning common areas and flexible work and meeting spaces, including its own lounge and free Wi-Fi.

The Press enjoys a premier location near the booming downtown West Palm Beach area. This convenient spot is a short drive from Antique Row, CityPlace/Rosemary Square, the Clematis and Flagler Financial Districts, the Island of Palm Beach, Palm Beach Outlets, the Palm Beach International Airport and everything in between.

View the flyer and call Neil Merin, Chris Smith or Jaime Chamberlin today at 561-471-8000 to learn more about unique office space for lease at Workplaces at The Press in West Palm Beach.

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NEWS PICK-UP: HappyOrNot Moves to Centerpointe Delray

Please enjoy the following excerpt from the original article by Brian Bandell, Senior Reporter, South Florida Business Journal. View Link | View PDF

NAIOP South Florida also shared details about this deal. View Link | View PDF

Customer service and technology firm HappyOrNot Americas will move into a larger office, where it plans to hire dozens of employees

The Finland-based company, which runs customer service platforms such as kiosks, leased 9,004 square feet at 1690 Congress Ave., Delray Beach for the headquarters of its U.S. operations. It will relocate from 701 Northpoint Parkway, North Palm Beach.

Darcie Lunsford and Sky Butters of Butters Realty & Management represented landlord CDS International Holdings in the deal, while Jason Sundook and Christopher Smith of NAI/Merin Hunter Codman represented HappyOrNot.

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Mystic Cruises Fleet
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NEWS PICK-UP: Mystic Cruise Line Chooses 1 East Broward as North American HQ

Please enjoy the below excerpt from the original article “A new luxury expedition-focused cruise line will soon call Florida home” by Ken Storey at Orlando Weekly. View Article | View PDF

From Virgin to Ritz Carlton, the luxury cruise industry grows larger every day, and with it, Florida continues to dominate the industry. Now yet another cruise line has decided to make Florida its home. According to posts by the company on LinkedIn and comments by real estate firm NAI/Merin Hunter Codman, Mystic Cruises USA, the North American division of the new boutique luxury cruise line Mystic Cruises, will be headquartered in Fort Lauderdale. 

Image via Mystic Cruises

Mystic Cruises USA is just the latest cruise line to pick Florida for its headquarters. Disney Cruise Lines is headquartered in Celebration with Royal Caribbean and Carnival both based out of Miami. Soon-to-launch cruise lines Virgin Voyages and Ritz-Carlton Yacht Collection will be headquartered in Plantation and Coconut Grove, respectively. 

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