PRESS RELEASE: Palm Beach International Plaza Begins Aggressive Property Improvement Plan

NAI/Merin Hunter Codman is Awarded the Property Management and Leasing Assignment of Palm Beach International Plaza

West Palm Beach, FL. – Palm Beach County’s leading commercial real estate services firm, NAI/Merin Hunter Codman, Inc. has been retained by local investor, Belvedere Acquisition, LLC, to oversee the renovation and rebranding of Palm Beach International Plaza, a 111,000-square- foot office complex strategically located across from the Palm Beach International Airport, at 1601 Belvedere Road, in West Palm Beach, Florida. In July of 2017, Belvedere Acquisition, LLC purchased the property from 1601 Belvedere Road Holdings, who had held the property on behalf of a CMBS trust.

NAI/Merin Hunter Codman has been retained to oversee leasing, property management and construction management of the property. Renovation plans include repainting of the towers, main entrance upgrades, enhanced lighting, fresh landscaping, a lobby makeover and new digital tenant directories. NAI/Merin Hunter Codman will be offering a variety of suites from 1,200 to 45,000 square feet, including several move-in ready spec suites, as well as efficient and flexible large blocks of customizable space.

Principal, Jason L. Sundook, SIOR and NAI/Merin Hunter Codman’s newest Commercial Associate, Christopher T. Smith will be leasing the property. “The momentum and pre-upgrade leasing has been tremendous! The complex improvements coupled with the recent announcement of a significant renovation of the adjacent Embassy Suites’ hotel which will be offering complimentary and discounted hotel amenities to Palm Beach International Plaza’s tenants have resulted in a wave of tours and leasing activity,” touted Mr. Sundook.

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PRESS RELEASE: NAI/Merin Hunter Codman Nominated for Two NAIOP Awards of Excellence, Largest Office Transaction of the Year and Office Renovation of the Year

3West Palm Beach, FL – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is pleased to announce that the firm was recently nominated for two NAIOP South Florida 2016 Awards of Excellence. The firm was nominated for Office Renovation of the Year as well as the Largest Transaction of the Year. NAIOP South Florida’s annual awards highlight individuals and companies whose achievements have contributed to the local commercial real estate industry, benefitted the regional business environment and facilitated economic growth.

NAIOP South Florida nominated NAI/Merin Hunter Codman for Office Renovation of the Year, recognizing the firm’s leasing, construction and property management divisions for the renovation of Fountain Square, a three building, 241,000 square foot office complex in Boca Raton. The nomination recognized NAI/Merin Hunter Codman’s success in renovating the property and creating significant value following its purchase from an institutional owner in an “off market” transaction. Occupancy at the time of purchase was 59%. Following the purchase, NAI/Merin Hunter Codman was retained to implement a $3,000,000 capital improvement program to modernize the building on behalf of the new owner. A partial list of improvements included: repainting and re-branding the buildings, refurbishing its signature centerpiece fountain, window replacement/re-tinting, renovating the on-site café, restriping and resealing the building parking lot and reroofing. An aggressive leasing plan was then implemented which resulted in over 50,000 square feet of new leases at rents that were up to 40% higher than those achieved pre-renovation. Net Operating Income has doubled since acquisition and the estimated property value has increased by over 50%.

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Employee Appreciation

17155623_10154453937096818_6339116875842346022_nWe appreciate all of the hard work and dedication our MHC family shows every day in the office. To show our gratitude, we had a few appreciation events including an afternoon at The Ballpark of the Palm Beaches for our Property Management and Maintenance staff as well as an outing at The Honda Classic for our Accounting department. Thank you to our employees for all that you do!

Events

PRESS RELEASE: NAI/Merin Hunter Codman Completes a Quarter Billion Dollars in Sales in Five Months

West Palm Beach, Fla. – It has been a busy few months for NAI/Merin Hunter Codman. Since June of this year, Palm Beach County’s largest privately held commercial real estate services firm has represented buyers and sellers in approximately $250 million of commercial real estate sales. The investment properties included office, retail and multifamily properties and ranged in size from just under one million to over seventy million dollars.

NAI/Merin Hunter Codman’s Investment Sales Team led by Chairman Neil E. Merin, SIOR, CCIM, Capital Markets Specialist Christian J. Johannsen, CCIM, Retail Specialist Spencer Grossman and Multi-Housing Specialist Wendy Pierre, CCIM, facilitated almost a quarter billion dollars of investment sales transactions representing a variety of institutional and private equity clients. NAI/Merin Hunter Codman accomplished its clients’ goals over what is normally a sluggish summer period in a year which has been notable for a nationwide slowdown in investor demand. In several cases NAI/Merin Hunter Codman’s Capital Markets team was also able to assist its clients by arranging financing for the properties. The firm which also manages and leases approximately 5 million square feet of office, retail and industrial property throughout Palm Beach County has established itself as one of Palm Beach County’s premier investment sales brokers.

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