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Building along Interstate 95 in Broward to be renovated after $7M deal

New York real estate investor Steve Samuels acquired an industrial/office building along Interstate 95 in Hollywood and will make a significant investment in renovations.

The property was previously envisioned as a trampoline park called Off the Wall, but the seller recognized the opportunity to make a considerable profit by selling the property, said Ted Konigsberg of Infinity Commercial Real Estate, which represented seller OTW II LLC. The company is led by Samuel Eyal Yecutieli and Ervin Andrei Mendel.

The 55,221-square-foot building, at 2850 Greene St., was acquired by Avid Asset Properties Hollywood, managed by Samuels, for $7.35 million. It last traded for $5 million in 2016.

Jeff Cebula and Spencer Grossman of NAI Merin Hunter Codman represented the buyer.

Konigsberg said Samuels will spend over $1 million reconfiguring the building to appeal to a broader array of tenants, such as designers, showrooms and professional firms. The two-story building is half showroom and half office space.

This area of Hollywood has attracted many design firms, some of which left the Design Center of the Americas, Konigsberg said.

“I am very excited about the potential of this iconic building,” Samuels said. “Working with the city of Hollywood, we will be reconfiguring the entire site. It’s our intention to bring a new and innovative concept to the area.”

Samuels has previously redeveloped industrial buildings in Manhattan and Brooklyn.

CLICK HERE to read the full SFBJ article.

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PRESS RELEASE: NAI/Merin Hunter Codman Takes Six CoStar Power Broker Awards

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.

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NEWS PICK-UP: 2017 Big Year for Neil Merin

“Merin, Chairman of NAI/Merin Hunter Codman in West Palm Beach, handled three high-profile sales last year that  ranked among the top eight of SIOR’s list:

  • The $64.5 million sale of the 245,000 SF Golden Bear Plaza in North Palm Beach
  • The $62.3 million sale of a interest in a 245,673 SF property in Palm Beach Gardens
  • The $54.5 million sale of the 241,000 SF Fountain Square in Boca Raton”

Click here to view the article | Click here to view the PDF of the article

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NAI/MERIN HUNTER CODMAN AND CBRE SELL BOCA RATON’S FOUNTAIN SQUARE OFFICE COMPLEX FOR $54.5 MILLION

NAI/MERIN HUNTER CODMAN AND CBRE SELL BOCA RATON’S FOUNTAIN SQUARE OFFICE COMPLEX FOR $54.5 MILLION

— Boca Raton’s Second Largest Class-A Office Transaction of 2017 —

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Palm Beach County’s leading commercial real estate services firm, and CBRE, have announced the sale of Fountain Square, a 241,000-square foot Boca Raton office complex for $54,500,000. The sale of Fountain Square, a three-building project located at 2600, 2650, and 2700 N Military Trail, is Boca Raton’s second largest office building transaction of 2017. Christian Lee and Jose Lobon of CBRE and Neil Merin, SIOR, CCIM of NAI/Merin Hunter Codman, represented the Seller, Fountain Square Owner LLC in the transaction.

Fountain Square Owner LLC, a joint venture between affiliates of Contrarian Capital Management LLC of Greenwich Connecticut and NAI/Merin Hunter Codman, Inc., as the local operating partner, purchased the complex in October 2014 for $37 million. The property’s value increased approximately 50% over the Seller’s ownership period thanks to a comprehensive value enhancement program implemented by NAI/Merin Hunter Codman.

At the time of acquisition, the property was 62% occupied. NAI/Merin Hunter Codman provided asset, property, and construction management and leasing services and implemented a multimillion dollar capital improvement program which upgraded common elements and tenant suites and resulted in over 100,000 square feet of leasing over the last 24 months moving building occupancy to over 90% at the time of the sale.

Jordan Paul, Chief Executive Officer of NAI/Merin Hunter Codman stated, “We are very pleased with the success we have had at Fountain Square for our partners and investors. The hard work of our leasing, construction and property management teams created a gem that provides competitively priced Class-A office space for professional tenants looking to locate near the Glades Road corridor. Our vertically integrated in-house capabilities provide our clients and partners with everything that is needed to turn around a real estate project and Fountain Square is a prime example of the value that we can create.”

Gil Tenzer, Portfolio Manager & Director of Real Estate Investments at Contrarian Capital Management LLC, added, “Fountain Square represents our commitment to partnering with local operators to invest in and turn around under-performing assets with high potential. We are pleased to have partnered with NAI/Merin Hunter Codman on the Fountain Square project.”

Read full press release here.

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