Archive for September, 2013
NAI/Merin Hunter Codman, one of South Florida’s leading privately owned commercial real estate services firm, today announced that it negotiated the sale of an 80,000 square-foot, Class-A office building at 4400 PGA Boulevard in Palm Beach Gardens, Florida. The sale, which closed this month, was orchestrated by NAI/Merin Hunter Codman Chairman, Neil E. Merin, who served as Receiver on the building on behalf of a special servicer. 4400 PGA Boulevard was sold to a local investment group, Admiralty Acquisition Co. LLC. The sale is representative of a trend that Merin forecasted 24 months ago when he anticipated a sales boom of commercial properties in Florida in 2013 as distressed and foreclosed assets worked their way through the system and were resolved. This latest sale in Palm Beach Gardens marks the fifth “round trip” the brokerage firm has handled in the last 24 months, where it took on the Receiver role for distressed properties, stabilized the properties and subsequently negotiated their sale.
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