Archive for January, 2016
“You all took a macroeconomics course in college, and some of you (presumably those who also enjoyed “50 Shades of Gray” and the Marquis de Sade) took more than one. You manipulated ISLM (a.k.a. Investment-Saving and Liquidity Preference-Money Supply) curves and simplistic mathematical equations, which elegantly demonstrated how the economy is a well-oiled macro entity. You were also taught that the economy’s failings can be easily corrected by the beneficent and perfectly timed actions of benevolent and omnipotent government officials, who know exactly what to do, and when, while mere mortals (including the same people before they became government officials) flounder hopelessly. The amazing thing is that these courses pretend to describe the economy, yet never once mention entrepreneurship, or creating a predictable and stable environment for decision making, or allocating scarce resources from less to more productive players. And you bought it (even though you got poor grades in it). What nonsense!
Here are a few simple truths about the economy that they forgot to teach you. First, temperate risk-taking generates growth by moving resources to enterprises that create future jobs and consumption opportunities. The second truth is that without stable and transparent economic rules that allow and encourage a reasonable return to risk taking, growth will not occur, as even raw entrepreneurs will refuse to take risks. It is intuitively obvious that ever changing rules of the game create uncertainty, which discourage action, while high taxes discourage risk taking. Similarly, low interest rates do not encourage creative risk taking but rather create just more highly leveraged investments in low risk instruments. Hence the leveraged risk taking created by the Fed’s low rate policies does not result in productivity. It just distorts temperate risk taking.”
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West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firms, has named Bruce Corn, a Managing Director in the firm’s Retail Services Group, as its Broker of the Year for 2015. He’s being recognized for his service to sellers, buyers, landlords, and tenants in the brisk market in Palm Beach County and the surrounding area.
Mr. Corn’s honor reflects his work in the retail sector, which has been especially active for NAI/Merin Hunter Codman in the past year. Overall retail sales and leasing for the firm were both up notably, with sales up by $8 million over 2014.
With more than 20 years at the firm, Mr. Corn put his expertise to good use, closing several retail investment sales and lease transactions this year. His background and market knowledge enabled him to assist a diverse array of clients, and manage complex transactions smoothly.
“That is what our clients look for from us,” CEO Jordan Paul commented. “Bruce Corn has a well-earned outstanding reputation in the retail industry. He is always a gentleman and his extensive contacts and experience in the retail industry have allowed him to source and negotiate great transactions for our clients. He is a great ambassador for our firm and the NAI Global brand and we are proud to name him our 2015 Broker Of The Year.”
In his work with NAI/Merin Hunter Codman, Mr. Corn oversees a retail portfolio of over 1.2 million square feet and has procured more than $100 million in sales and leasing transactions. He has specialized in retail throughout his career, and is a long-time member of the International Council of Shopping Centers, as well as a CoStar Power Broker. This year saw an increase of 150,000 square feet in Mr. Corn’s leasing transactions.
Some of his most significant closings for the year included:
• A relocation of the 20,000 SF Planet Fitness Gym at Village Shoppes in Royal Palm Beach, working in tandem with Spencer Grossman.
• An 8,000 SF lease for his longtime client Saito’s Japanese Steakhouse.
• A long-term 6,700 SF Pet Supermarket lease in Tequesta.
• Two sales of retail buildings totaling 25,000 SF on Military Trail in West Palm Beach
Mr. Corn, who holds a Bachelor’s in Business Administration from Ohio University, with a specialization in Marketing and Communications, has worked in the South Florida market since 1987. Now he specializes in representing retail tenants and landlords. His experience in the local market means he has the network required to work through challenges and make sure his client is heard. He has a robust professional network that lets him provide efficient service to clients.
“Bruce understands the importance of the human element to CRE, and he works diligently to create a trusting partnership with clients,” said Neil. E. Merin, the company’s SIOR, CCIM, and Chairman.
Going forward, retail in South Florida continues to look strong, and Bruce Corn and his associates should stay busy. The firm reports that there’s a trend in the market toward more urban locations and less demand in suburban markets. This suggests a continued interest in repurposing existing structures for retail, and creating live-work-play neighborhoods. These trends have been strong in urban markets for several years, and have begun to make their presence felt in South Florida’s retail and multifamily sectors as well.
CLICK HERE to read the full press release.
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firm, today announced that it will record one of the highest-momentum years for retail property transactions in nearly a decade. The high volume is a reflection of retail clients rushing to find adequate space for new stores and expansions. Some markets have seen rental rates rise as much as 10 percent in the last year, pushing retailers to act swiftly to lock in advantageous property and lease terms. This activity follows on the heels of the residential housing-market recovery with retailers, in turn, seeking to service commensurate growth. NAI/Merin Hunter Codman sees extremely brisk retail property activity across all markets from Boca Raton and Wellington — the latter exceptionally strong — on to West Palm Beach and areas of significant residential development in Jupiter. The strong trend of momentum is not expected to abate any time soon, according to retail experts at NAI/Merin Hunter Codman.
“Many South Florida retailers are expanding, pushing rental rates upward,” said Bruce Corn, Managing Director in the Retail Services Group at NAI/Merin Hunter Codman. “At the same time, that presents opportunity as expanding retailers vacate space that can be nicely rehabbed to accommodate new up-and-coming tenants.”
Mr. Corn points to representative client transaction such as Planet Fitness relocating within the Village Shoppes shopping center located on Route 441 in Royal Palm Beach. Planet Fitness moved and expanded into larger space, signing on for an expanded 20,000 square feet in a new lease in the same center. Congress Auto Parts, at Forest Hill Blvd. and Congress Ave. in West Palm Beach, relocated from one retail center to an adjacent center, having purchased a larger building totaling 6,500 square feet for its new location.
“Momentum is not limited to a particular retail specialty,” added Jordan Paul, CEO of NAI/Merin Hunter Codman. “This is a broad-sweeping trend with positive activity ranging from the expansion of restaurants, specialty grocers and pharmacies, to décor, pet supply stores and more. We see this upward trend across the full spectrum of retail in South Florida.”
Other retail transactions completed by NAI/Merin Hunter Codman in 2015 include:
• Pet Supermarket took on 6,700 square feet at Village Square on US 1 in Tequesta
• Don Che Steakhouse opened in the Casa Costa condominium complex in Boynton Beach
• Saito Japanese Steakhouse expanded its existing locations including at City Place in West Palm and in Wellington at the Pointe on Wellington Green, and signed a lease for an upcoming 7,800 square-foot restaurant at Pompano Citi Centre in Pompano, which will open in early 2016.
Major pharmacy chains such as CVS have also been expanding. NAI/Merin Hunter Codman negotiated the sale of a 10,000 square-foot building, which was to be torn down and combined with several other parcels to make way for a new 14,000 square-foot CVS store at Military Trail and Northlake Blvd.
Noted Spencer Grossman, Director in the Retail Services Group at NAI/Merin Hunter Codman, “We continually seek improved uses for retail properties, which also translates into benefits to local communities. Restaurants are especially performing well and the variety of area options is becoming eclectic and internationally diversified in terms of cuisine.”
CLICK HERE TO SEE THE FULL PRESS RELEASE.
Over 40 local commercial real estate brokers attended our Golden Bear Broker Event on Thursday, January 21st. Jason Sundook and Lesley Sheinberg, leasing agents for the plaza, showcased some of the available suites at the stunning 243,000 SF Class A office complex. Attendees enjoyed delicious food and drinks with favorites including baked brie en croute, sushi, and chocolate coconut cake pops. Guests also enjoyed complimentary shoe shine and tarot card readings. The highlight of the night was the “Wheelin N’ Dealin” Prize Wheel, where dozens of $100 Visa Gift Cards, $10 Starbucks Gift Cards and three $1500 hotel/golf vouchers were up for grabs.
The event was a roaring success and we know the brokers will be happy to share information about Golden Bear Plaza to their clients. For more information about leasing, please click here.