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West 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%.
We 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!
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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West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is excited to announce leadership changes within the firm. Carey Kingree, RPA, FMA has been promoted to Vice-President of Property Management and Richard Havens has been promoted to Vice President of Construction Management.
Carey Kingree joined NAI/Merin Hunter Codman in 2005 as Senior Property Manager. As Vice President of Property Management, Ms. Kingree oversees and directs all aspects of property management operations for NAI/Merin Hunter Codman’s 5,000,000 square foot portfolio of office buildings, retail centers and industrial projects across the state of Florida. In addition to overseeing all property management personnel, Ms. Kingree also supervises budgeting, reporting and bidding for all NAI/Merin Hunter Codman managed properties. Working closely with NAI/Merin Hunter Codman’s accounting, engineering and construction divisions, Ms. Kingree ensures that all managed properties are operated to first-class standards focusing on cost effective and environmentally sustainable processes and procedures. Prior to NAI/Merin Hunter Codman, Ms. Kingree worked as a Property Manager for Equity Office, the largest office REIT in the United States.
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