Tag Archive for: nai merin hunter codman

Palm Beach Office Campus Trades For $81 Million

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CBRE has facilitated the $81.15 million sale of the fee simple interest in Fairway Office Center in Palm Beach Gardens on behalf of NAI MHC and a JV Institutional Investment Manager.

Fairway Office Center is comprised of three Class-A office buildings totaling 222,682 square feet.

The sellers were exclusively represented by Christian Lee, José Lobón and Marcos Minaya with CBRE Capital Markets, with the assistance of CBRE’s Tom Rappa. The leasing broker for the property, Jason Sundook with NAI Merin Hunter Codman, also assisted in the marketing.

Currently 78 percent leased, Fairway Office Center is located on a 16-acre campus at 7108, 7111 and 7121 Fairway Drive. The property is being acquired by a joint venture of Parmenter Realty Partners and an affiliate of Prime Finance, representing their second recent office acquisition in South Florida.

“The seller did a fantastic job of institutionally maintaining the property reflected in increased rental rates as well as continued and historically high levels of occupancy. The $1.3 million in recent improvements to the buildings creates an exceptional opportunity to attract tenants. The new ownership plans to capitalize on the property’s highly desirable location and to continue to upgrade and amenitize the project,” said Minaya, a vice president with CBRE. 

“Fairway Office Center is the only Class A office building in the North Palm Beach submarket that is adjacent to the Florida Turnpike. This strategic location, excellent connectivity and proximate amenities make Fairway Office Center an ideal office location for executives and employees alike,” added Lee, a vice chairman with CBRE.

“These high-quality buildings benefit from excellent transit access, nearby amenities, and the strong Palm Beach County leasing market. The migration of hedge funds and other financial services firms moving into the market drove nearly 250,000 square feet of new-to-market tenants in 2021. Our planned improvements will provide the finishes and amenities these new to market tenants are looking for,” said John Davidson, President and CEO of Parmenter Realty Partners.  

The property’s location on PGA Boulevard is proximate to in-demand retail for the micro-market inclusive of Mirasol Walk, PGA Commons and Downtown PGA, placing it within a short drive to more than 50 restaurants and bars, 250 hotel rooms, 50 retail shops and two fitness centers.

 

NAI/Merin Hunter Codman Tapped To Lease Iconic West Palm Beach Office Building

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NAI/Merin Hunter Codman announced it has been retained to oversee all leasing for the iconic 20-story, 256,000 square-foot, Esperante Corporate Center located in the heart of downtown West Palm Beach at 222 Lakeview Avenue.

RedSky Capital, which purchased the premier trophy property in 2016 and recently completed over $8 million in property renovations, awarded the leasing assignment to Managing Directors Lesley Sheinberg and Barbara LeBrun, SIOR who will be supported by Commercial Associate Alexandra Bazo with the retail portion of the property being handled by NAI/Merin Hunter Codman’s long-time Retail Service Group Managing Director Bruce Corn.

“Esperante Corporate Center has been an iconic part of the West Palm Beach skyline since 1989. NAI/Merin Hunter Codman has been a force in the Palm Beach County commercial real estate marketplace just as long, if not longer. Their long-term local market leadership, local and global connections, and proven track record made them a perfect fit to represent Esperante,” cited Ben Stokes, Principal of RedSky Capital.

Sheinberg added, “Esperante is a premier commercial property, offering an array of first-class amenities and services. The stunning renovations combined with the exciting retail aspect of the property makes it a highly competitive prospect for out-of-state firms coming to South Florida to take advantage of our favorable and tax-friendly business climate along with our incomparable lifestyle. We are seeing more and more businesses leaving large metropolitan areas and relocating to West Palm Beach in response to the challenges posed by the coronavirus.  Esperante’s owners and our team welcome the opportunity to introduce this one-of-a-kind downtown West Palm Beach jewel to office and retail users across the country.”

Esperante Corporate Center offers a variety of floor plans to suit multiple needs, including build-to-suit and move-in ready options for boutique and corporate headquarter users alike. The building is currently offering ±600-35,000 square feet of office space with full floor opportunities and retail space from ±600-2,400 square feet, including high-visibility café opportunities.

 

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.

 

Pharmaceutical Firm Relocates, Inks 56,000 SF Lease Deal

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NAI/Merin Hunter Codman, Inc. announced that it completed one of the largest office lease transactions in Palm Beach County this year with TherapeuticsMD, Inc., which signed a 56,212-square-foot lease at 951 Yamato.

Jay M. Grossman, President and Director, and Richard W. Brockney of NAI/Merin Hunter Codman represented the Landlord, 951 Yamato Acquisition Company LLC, an affiliate of Brookwood Financial Partners, LLC.

Molly McDonough, Senior Vice-President of Butters Realty & Management, represented the tenant in the transaction.

The long-time Boca Raton-based pharmaceutical firm received three FDA product approvals since May and has outgrown its 32,000-square-foot location at 6800 Broken Sound Parkway NW, also in Boca Raton.

When asked why TherapeuticsMD chose 951 Yamato, Josie Weitzel, Director of Corporate Operations, stated “After two long years of researching facility options in the Palm Beach County area, we finally found a space that will offer an open space floor plan, which will allow for a more cohesive and collaborative environment to meet the needs our current and future staff.”

Grossman added, “951 Yamato was well suited for the tenant’s need with its large floor plates. In addition, the ability to find large blocks of office space to accommodate headquarter-sized tenants in Boca Raton is diminishing. The few that can be found are priced at the top of the market, located in less convenient areas, and many lack modern, Class-A features and amenities. 951 Yamato recently completed a million-dollar, environmentally friendly property improvement program to ensure that it remained a first-choice for large office space users. With the signing of the TherapeuticsMD lease and other recent leases, the building is now 89% leased.”

Current plans are to build-out two additional spec suites to be delivered in the first quarter of 2019, and a 2,000-square-foot conference center for the use of all 951 Yamato tenants.

Downtown Fort Lauderdale Office Tower Trades For $108.5 Million

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1 East Broward Owner, LLC, a joint venture between affiliates of NAI/Merin Hunter Codman and PCCP, LLC, has acquired 1 East Broward, a Class A office tower in downtown Fort Lauderdale for $108,500,000.

The CBRE Capital Markets team facilitated the sale of the 19-story, 351,705 square foot, institutional-quality office building on behalf of the seller, Ivy Realty.

Additionally, the CBRE Debt & Structured Finance team arranged acquisition financing of $77,465,500 with SunTrust Bank on behalf of the buyer. Vice Chairman, Christian Lee and Senior Vice President, José Lobón of CBRE oversaw the transaction on the sale effort, and First Vice President Amy Julian oversaw the financing for CBRE, working with Chief Financial Officer Dung Lam and Acquisitions Director Corey Winsett on behalf of NAI/Merin Hunter Codman. The CBRE team also included Senior Financial Analyst Andrew Chilgren. Rebecca M. Cox, SunTrust Senior Vice President, provided the financing. Kapp Morrison LLP provided legal counsel to the seller and Shutts and Bowen provided legal counsel to the buyer.

The property is located on the northeast corner of Broward Boulevard and Andrews Avenue, in the heart of Fort Lauderdale’s rapidly expanding downtown, across from the new Brightline Rail Station. The 91% leased property includes a 19-story building and a 5-story building that are connected by a covered sky bridge to a 4-story parking structure that provides the office tenants with 772 covered parking spaces. The property recently received an extensive renovation with over $4.9 million invested since the beginning of 2013 and serves as the new U.S. headquarters for KEMET Corporation, a leading publicly-traded global supplier of electronic components. KEMET recently relocated its corporate headquarters from Greenville, SC to 1 East Broward bringing 150 additional jobs to the Fort Lauderdale CBD. KEMET joins several leading law firms who have corporate and regional headquarters at 1 East Broward including Becker & Poliakoff, Quintairos, Prieto, Wood & Boyer, P.A., McGlinchey Stafford and Hinshaw & Culbertson LLP.

The purchaser of the property, 1 East Broward Owner, LLC is a joint venture between affiliates of NAI/Merin Hunter Codman, Inc. and PCCP, a real estate finance and investment management firm, based in New York and San Francisco that has over $6.5 billion in assets under management on behalf of institutional investors.

Jordan Paul, CEO of NAI/Merin Hunter Codman stated, “We are excited to form this venture with PCCP. Fort Lauderdale is transforming into one of the great live, work, play environments in the United States and 1 East Broward enjoys a unique position within the marketplace. NAI/Merin Hunter Codman and PCCP plan to continue improving the property to solidify its position as one of downtown Fort Lauderdale’s premier corporate addresses and we appreciate that SunTrust was able to provide us with a loan that allows for flexibility in achieving this goal.”

NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward.

NAI/Merin Hunter Codman Chairman, Neil Merin who will oversee the leasing team with NAI/Merin Hunter Codman Commercial Associate Max Pawk stated, “With its strategic location adjacent to the Brightline Rail Station, the Federal Courthouse and within walking distance of both Las Olas Boulevard and all of the exciting new residential and cultural development taking place in Flagler Village, 1 East Broward offers its tenants an ideal corporate home with easy access to everything that is happening in Fort Lauderdale and South Florida.”

Christian Lee, Vice Chairman of CBRE Capital Markets stated, “Ivy did an outstanding job executing its business plan and creating value at 1 East Broward. By virtue of the 20% rent growth we have witnessed in Downtown Fort Lauderdale since 2014, every building in the CBD affords significant upside potential as leases expire and we expect that the new ownership group will be able to continue to enhance the building and benefit from the exciting growth taking place in Fort Lauderdale.”

Jose Lobon, Senior Vice President, CBRE Capital Markets added, “1 East Broward has benefited tremendously from its location in the burgeoning Flagler Village neighborhood of Downtown Fort Lauderdale. Not only is it the closest office tower to the recently opened Brightline train station, but it is also at the gateway to the CBD’s youngest and hippest enclave which has seen a generational transformation over the last decade, including 6,415 new multifamily units, as well as numerous art galleries, restaurants, and amenities.”

Boca Office Building Goes Under Contract For $24 Million

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Less than three years ago, Mainstreet Capital Partners and Davis Cos. paid $28.3 million for two office properties and vacant land in Boca Raton.

Now the firms stand to recoup most of that money by selling just one of the assets – a five-story office building at 900 Broken Sound Pkwy NW.

The 115,986-square-foot building is under contract for $24 million, CoStar reported.

The buyer is an institutional investor affiliated with the NAI / Merin Hunter Codman in West Palm Beach, according to a person involved in the negotiations.

The other assets in the $28.3 million portfolio were 5500 Broken Sound Blvd. NW and a nine-acre parcel.

The building at 900 Broken Sound Pky once housed Nokia and Siemens. It’s now 80 percent leased to three tenants: CSL Plasma, Geosyntec Consultants and Score at the Top.

Peter Reed, a Palm Beach County office broker not involved in the sale, said the transaction is part of a trend in which landlords are cashing out more quickly than they have in the past. He noted that recent owners of the Esperante and CityPlace Tower office buildings in West Palm Beach also have sold those properties after only a few years.

“That’s become more the mindset of owners,” said Reed, with Commercial Florida Realty Services in Boca Raton. “Owners aren’t necessarily holding on for five, seven, 10 years anymore.”

900 Broken Sound Pky was built in 1989 in what was then known as the Arvida Park of Commerce, a 700-acre corporate business park. It has since been renamed The Park at Broken Sound as part of a rebranding that also included a rezoning that cleared the way for retail and residential. The additional uses make the park more attractive to investors, brokers say.

“The [rezoning] has been a big driver in value,” said Brady Titcomb, a broker with JLL. “Now there’s a whole neighborhood that you didn’t have before.”

 

Source:  CoStar