Tag Archive for: jordan paul

Historic Downtown WPB Office Building Sells For Over $600 PSF In Under 65 Days

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NAI Merin Hunter Codman, Inc. successfully closed a high-priced office building sale in Downtown West Palm Beach.

NAI Merin Hunter Codman Managing Directors Lesley Sheinberg and Barbara LeBrun represented the owner, Thaler and Thaler, PA, in the $5,950,000 sale of the historic 9,446-square-foot Thaler & Thaler building, located at 700 N Olive Avenue.

The transaction equated to $630 per square foot, one of the highest sales per square foot for an office building in the West Palm Beach Central Business District submarket within the last year.

The two-story property, situated on 0.3 acres in the heart of downtown, went under contract within seven (7) days of listing and closed in just 65 days. Constance T. Thomas and David J. Thomas IV of TCRE represented the buyer, Palm Equity LLC.

According to CoStar Group’s September 2025 West Palm Beach CBD Office Submarket Report, the 12-month average sales price per square foot is $422, well below 700 N Olive’s $630 per square foot sale price. Downtown West Palm Beach, often dubbed “Wall Street South,” has benefited from tremendous development and growth over the past five years. It is no wonder that a property at the northeast corner of N Olive Avenue and N 7th Street, just blocks from N Flagler Drive and N Quadrille Boulevard, would achieve above-market pricing in what could be record time.

Thaler & Thaler P.A., a local law firm, engaged Sheinberg and LeBrun to bring their longtime property to market after owning the property for almost 40 years. Originally built in 1961, the property was purchased by Thaler & Thaler in 1987. In 2001 the firm built a new two-story office building on site comprised of a ground floor gated parking garage and larger, upper-level office space.

Thaler and Thaler praised the NAI Merin Hunter Codman team by stating, “Barbara LeBrun and Lesley Sheinberg are incredible. We went from listing to contract to closing at the speed of light and they went the extra mile on every detail. I’ve never had a transaction go so smoothly and I would recommend NAI/Merin Hunter Codman and these ladies in particular to anyone looking for a high rate of professionalism and effectiveness.”

 

Barbara LeBrun, Managing Director of NAI/Merin Hunter Codman commented, “It was an honor for my partner, Lesley Sheinberg, and me to exceed the goals and expectations of our client. Our constant and thorough evaluation of local market conditions allows us to properly advise our clients on timing. And as they say, timing is everything.”

 

“Lesley and Barbara are a powerhouse duo. Their professionalism and exceptional market knowledge, coupled with their superior negotiation skills are the secrets to their success. It is my honor to have them on the NAI Merin Hunter Codman brokerage team,” stated Jordan Paul, CEO, NAI Merin Hunter Codman.

 

NAI Merin Hunter Codman Secures 12,000-SF, 10-Year Office Lease At Oakbrook Center In Palm Beach Gardens

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NAI Merin Hunter Codman, Inc. has successfully finalized an ±11,800-square-foot lease transaction at Oakbrook Center on behalf of the landlord, WFMHC Golden Bear Owner LLC.

HotelPlanner.com operated by Lexyl Travel Technologies, LLC, will relocate its headquarters from Downtown West Palm Beach to Oakbrook Center, located at 11760, 11770, & 11780 US Highway One, in Palm Beach Gardens.

NAI Merin Hunter Codman Principal Jason Sundook led the lease negotiations between HotelPlanner.com and Oakbrook Center ownership.

HotelPlanner.com is a leading travel technology company that integrates proprietary artificial intelligence with a 24/7 global gig-economy-based travel agent concierge platform to serve travelers’ hotel needs. Founded in 2002, with offices in London, The Netherlands, and Singapore, HotelPlanner.com’s global headquarters has been located in Downtown West Palm Beach for a decade. Initially operating out of Phillips Point before moving to the PNC Bank Building at 205 Datura, this three-time honoree of Inc 5000’s list of fastest-growing private companies has chosen to relocate their headquarters to Oakbrook Center in Palm Beach Gardens.

Oakbrook Center is a 243,000-square-foot, Class-A office complex featuring three buildings. The property boasts private stacked terraces, floor-to-ceiling windows, lush courtyards, and stunning water views. Additional amenities include a complimentary fitness center, three types of parking (underground garage, covered, and surface), first-class property management, and onsite maintenance.

Sundook, Principal of NAI Merin Hunter Codman, commented on the choice to move to Palm Beach Gardens, “When our global, national, and regional clients approach me about relocating their headquarters or establishing a Palm Beach County presence, Palm Beach Gardens and Oakbrook Center are always part of the conversation. Palm Beach Gardens is a well-known finance, medical and tech hub, offering a strong labor pool, easy access for commuters, no congestion, and plenty of free parking. Additionally, the North Palm Market can offer 25-50% lease rate savings over Downtown West Palm Beach. Oakbrook Center’s competitive rates and excellent amenities allow the property to stand above the county’s competitor properties.”

 

Tim Hentschel, CEO of HotelPlanner.com, stated, “This move is an upgrade for both our employees and our company’s bottom line. Oakbrook Center offers the same luxury feel as the quality hotels we serve. Our new penthouse suite boasts two exterior patios and floor-to-ceiling windows, providing a bright, inspiring workspace with stunning Intracoastal water views. Our employees will also enjoy amenities such as a fitness center, courtyards, and convenient parking, all while benefiting from efficient commute times and easy access to nearby services.”

Oakbrook Center was purchased by WFMHC Golden Bear Owner LLC a joint venture between, MHCommercial Real Estate Fund LLC (“MHCREF”) and Waterfall Asset Management, LLC.

Jordan Paul, Chief Executive Officer of NAI Merin Hunter Codman stated, “We are thrilled to welcome HotelPlanner.com to Oakbrook Center. They are a fast-growing industry leader that compliments the outstanding tenant roster that we have at Oakbrook Center. We look forward to serving as their corporate headquarters and supporting their business for years to come.”

 

West Marine Relocates HQ From Cali, Inks 50,000 SF Lease Deal

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NAI/Merin Hunter Codman, the property leasing and management company of 1 East Broward, an iconic 19-story, 350,000-square-foot office building in Fort Lauderdale, welcomed West Marine, the nation’s leading retailer for the sailing, boating, fishing and watersports markets, to its new 50,000-square-foot corporate headquarters at 1 East Broward.

1 East Broward, one of Fort Lauderdale’s leading Class A office buildings, is centrally located on the northeast corner of Broward Boulevard and Andrews Avenue, just a short walk from Fort Lauderdale’s many amenities including the Brightline Train station, the fast-growing Flagler Village residential neighborhood, and Las Olas Boulevard.

West Marine’s relocation of their corporate headquarters from Santa Cruz, California to Fort Lauderdale will create approximately 225 corporate jobs over time and tallied an $800,000 capital investment into the property and community according to the Greater Fort Lauderdale Alliance. Thursday, October 27th marked the ribbon cutting ceremony at their new 1 East Broward headquarter location. Ribbon cutting attendees included West Marine Chief Executive Officer Eric Kufel and Chief Commercial Officer Stacey Renfro, as well as Broward County Mayor Michael Udine, Greater Fort Lauderdale Alliance President and CEO Bob Swindell, Fort Lauderdale Chamber President and CEO Dan Lindblade, and top members of Downtown Fort Lauderdale. Mr. Kufel along with the City of Fort Lauderdale’s Vice Mayor Sorensen, and City Commissioner, District 2 Steven Glassman cut the ribbon at the ceremony.

The city of Fort Lauderdale, which has over 300 miles of inland waterways and is home to about 50,000 yachts, is known as the Yachting Capital of the World. It’s no wonder this South Florida city attracted West Marine.

West Marine CEO, Eric Kufel, recently stated, “Our relocation to Fort Lauderdale means we can better serve the sailing and boating communities. We want to be where the boaters are, not only to support the existing community, but welcome newcomers to the industry.”

 

NAI/Merin Hunter Codman Chief Executive Officer Jordan Paul stated, “We are thrilled that West Marine has chosen 1 East Broward for its corporate headquarters. West Marine is an iconic brand that meshes perfectly with the outdoor lifestyle that makes Fort Lauderdale a unique city to live, work and play. We are honored that West Marine has selected 1 East Broward as its new corporate home and look forward to working with them for many years as they continue to grow their market leading business.”

 

MHCommercial Real Estate Fund II Acquires Office Complex For $45.9 Million

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MHCommercial Real Estate Fund II (“MHCREFII”), a discretionary real estate private equity fund formed by Dung Lam, Neil E. Merin and Jordan Paul, has closed on the purchase of Yamato Office Center in Boca Raton for $45,925,000, or $267 per square foot. in a joint venture partnership with an institutional real estate fund based out of New York.

Yamato Office Center is a 171,724-square-foot office complex comprising two Class-A office buildings located at 999 and 1001 Yamato Road. Yamato Office Center was approximately 71% leased at the time of the sale. Christian Lee, Marcos Minaya, and Sean Kelly with CBRE Capital Markets represented the seller, Adler Real Estate Partners (“Adler Partners”).

999 Yamato Road, built in 2000, is a three-story, 82,974-square-foot office building. 1001 Yamato Road, built in 1986, is a four-story, 88,750-square-foot office building. The complex is located near the entrance of the Park at Broken Sound and is situated on approximately 10 acres of prime Yamato Road frontage lending a generous parking ratio which includes covered parking. The Park of Broken Sound has recently benefited from a renaissance through the development of over 1,900 multi-family units and over 554,000 square feet of retail. Yamato Office Center’s prime location is a short drive to a large variety of nearby upscale amenities and 15 minutes away from transportation infrastructures including I-95, the Boca Raton Airport, Tri-Rail and the future Boca Raton Brightline Florida station.

MHCREFII is the second real estate fund for Merin, Lam and Paul after closing and fully deploying their first fund in December 2021 acquiring approximately $125 million in commercial real estate. MHCREFII launched in January 2022 and closed on its first acquisition in April 2022 with the $32.5 million purchase of EcoPlex® Office Center in West Palm Beach. Yamato Office Center is the second acquisition for MHCREFII with a target to acquire a total of $250 million of commercial real estate throughout the Southeastern United States over the next 12 to 18 months.

MHCREF and MHCREFII principals Neil E. Merin, Dung Lam and Jordan Paul stated, “We are very excited with the acquisition of Yamato Office Center at a purchase price well below replacement cost while also providing a tremendous opportunity to create value. Our plan is to reposition the asset as a premier Class-A office center primarily through capital improvements allowing Yamato Office Center to capture the robust demand for Class-A office space in Boca Raton.  Boca Raton is one of the nation’s most attractive communities for wealthy decision makers and Yamato Office Center is specifically located in one of Boca Raton’s most rapidly urbanizing micro-markets.”

Corey Winsett, Director of Acquisitions for MHCREF oversaw the acquisition and due diligence process on behalf of MHCRFII’s JV partnership. Financing for the transaction was provided by LoanCore Capital a leading institutional lender that has financed over $25 billion in commercial real estate loans since 2008. Steve Kay, Managing Director and JP Kost, Vice President structured the financing transaction on behalf of LoanCore Capital.

Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser on the transaction. NAI/Merin Hunter Codman will manage and lease the property.

JV Purchases 100,525 SF Office Building In West Palm Beach For $32.5 Million

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A joint venture between affiliates of West Palm Beach-based MHCommercial Real Estate Fund II (“MHCREF”), a discretionary real estate private equity fund formed by NAI/Merin Hunter Codman principals Dung Lam, Neil E. Merin and Jordan Paul, and Waterfall Asset Management (“Waterfall”), a New York-based SEC-registered institutional asset manager with approximately $9.8 billion in assets including committed capital under management, has closed on the $32.5 million purchase of the fee simple interest in EcoPlex®, a 100,525-square-foot office building located at 1641 Worthington Road in West Palm Beach.

Built in 2008, EcoPlex® is 87 percent leased to a diversified tenant roster with five or more years of weighted average lease term. EcoPlex® was the first speculative office building in West Palm Beach and only the second in South Florida to achieve the LEED® Gold Certification. It is designed to withstand winds of a Category 4 hurricane and is equipped with three generators with integrated, above ground diesel fuel tanks, and rainwater recycling system. The four-story property also features a fitness center with showers and lockers, a lush outdoor plaza, an attached five-story parking structure, and fiber optic service. EcoPlex® rewards businesses with a healthier workplace, maximum energy efficiency, minimal environmental impact, significant cost savings, and increased productivity.

EcoPlex® is located in the Centrepark Office District, a 69-acre mixed-use project strategically located just off Australian Avenue across from Drive Shack and directly adjacent to the Hampton Inn and Garden Inn hotels. EcoPlex® offers convenient access to downtown West Palm Beach’s amenity base including high-profile restaurants and business destinations including Rosemary Square and the Palm Beach County Convention Center.

Additionally, the property’s location offers strategic access onto the region’s major transportation infrastructure, including Interstate 95 (less than 1 mile away), Palm Beach County International Airport (1 mile away), Tri-Rail, Brightline Florida Trains (2 miles away), and the Florida Turnpike (4.6 miles away).

The acquisition represents the second Palm Beach County joint venture between MHCREF and Waterfall following their successful acquisition of the Golden Bear Plaza in Palm Beach Gardens in May 2020. The project also represents the first purchase for MHCREF’s new fund which is projected to acquire between $200 and $250 million of commercial property throughout the Southeastern United States over the next 18-24 months, following the successful acquisition of approximately $115 million of property in its initial fund which was fully invested in December 2021.

MHCREF principals Neil E. Merin, Dung Lam and Jordan Paul stated, “We are very pleased to kick off our second fund by purchasing one of the premier office buildings in our hometown of West Palm Beach.  West Palm Beach has emerged as one of the premier office locations in the United States and EcoPlex® provides its tenants with outstanding access to all the area has to offer. As the only LEED® Gold Certified building in the city with a full backup generator system and construction engineered to withstand a category 4 hurricane, EcoPlex® offers its tenants a unique value proposition in the highly sought-after West Palm Beach market.”  

Patti Unti, Managing Director at Waterfall stated, “We are excited to be partnering with MHCREF on our second transaction in southeast Florida. The MHCREF team brings a deep bench of talent to our partnership along with a long history of operating within the West Palm Beach market. The EcoPlex® project offers a differentiated office approach to a sub-market we believe is well-positioned for future growth.” 

Corey Winsett, Director of Acquisitions for MHCREF oversaw the acquisition and due diligence process on behalf of the MHCRF/Waterfall JV. Financing for the transaction was provided by LoanCore Capital a leading institutional lender that has financed over $25 billion in commercial real estate loans since 2008. Steve Kay, Managing Director and JP Kost, Vice President, structured the financing transaction on behalf of LoanCore Capital.

Elizabeth Jones and John Strickroot of the Shutts & Bowen law firm represented the purchaser on the transaction. NAI/Merin Hunter Codman will manage and lease the property with the team of Managing Directors Lesley Sheinberg and Barbara LeBrun, SIOR.

 

NAI Merin Hunter Codman Welcomes Industry Veteran To Brokerage Team

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NAI/Merin Hunter Codman, Inc., welcomed South Florida commercial real estate expert Adam Starr to the firm’s brokerage team as Managing Director.

Starr will be specializing in the sale and leasing of office and industrial properties throughout south Palm Beach and Broward counties.

Starr, a six-time CoStar Power Broker Award winner, brings over two decades of commercial real estate expertise to NAI/Merin Hunter Codman. 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. 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.