West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate company and the Palm Beach County representative of NAI Global, is pleased to announce that NAI Global has earned a top four spot in the 2017 Lipsey Survey of Top 25 Commercial Real Estate Brands. NAI Global provides commercial real estate services through a network of over 375 offices around the world.
NAI Global, a leading, global commercial real estate firm, earned the top four spot in the 2017 Lipsey Survey of Top 25 Commercial Real Estate Brands. The survey was conducted among 100,000 commercial real estate professionals using a combination of ballot voting, phone interviews and focus groups to identify the top global brands. NAI Global is the only commercial real estate network represented in the top five. NAI/Merin Hunter Codman is a Member of NAI Global.
“We are proud that the strength of the NAI Global network is reflected in the results of this year’s Lipsey survey,” said Jordan Paul, CEO of NAI/Merin Hunter Codman. “Our affiliation with NAI Global allows us to provide our clients with first class services in any market they do business in throughout the world.”
The survey is conducted by The Lipsey Company, a leading training and consulting firm specializing in the commercial real estate industry to equip organizations and their practitioners with the skills necessary to succeed in today’s competitive environment. The 2017 survey results can be found here https://lipseyco.com/brand-survey/.
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West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is pleased to announce that Spencer S. Grossman has been elected as a Shareholder and Principal in the firm.
Mr. Grossman, a graduate of the Pine Crest School in Fort Lauderdale and Dickinson College is a 15-year commercial real estate veteran who specializes in retail investment sales and leasing. Mr. Grossman joined NAI/Merin Hunter Codman in 2010 after spending several years working with Marcus and Millichap and American Commercial Realty.
Mr. Grossman has consistently been a top producer throughout his time at NAI/Merin Hunter Codman and was named the firm’s Broker of the Year in both 2012 and 2014.
Mr. Grossman’s institutional clients have included C-III Capital Partners, Lone Star Funds, CW Capital, Related Group, Nuveen Asset Management and The Blackstone Group. He has also represented both landlords and tenants in retail leasing transactions with several national tenants including Chase Bank, Bank United, Dunkin Donuts, the Dollar Store, Stein Mart and AT&T. Mr. Grossman’s recent investment sales have included Square One, a 205,000 square foot Home Depot anchored retail plaza located in Stuart, the Marketplace at Hillsboro, a 112,000 square foot retail plaza located in Coconut Creek, Florida, 1425 Gateway Boulevard, a 28,000 square foot former charter school located in Boynton Beach, and the Shops at Casa Costa, the retail component of the Related Group’s Casa Costa mixed-use development, also located in Boynton Beach.
Jordan Paul, Chief Executive Officer for NAI/Merin Hunter Codman stated “We are very pleased to welcome Spencer Grossman as a Principal and Shareholder in our firm. Spencer is an extremely talented broker whose broad based knowledge of commercial real estate and the retail markets has made him an outstanding asset for our firm and his clients. Spencer’s contacts, expertise and analytical ability have allowed him to bring great value to landlords, tenants, buyers and sellers in structuring creative and complex transactions. We look forward to his continued contributions towards our success.”
Spencer Grossman stated “I’m extremely grateful for this opportunity. NAI/Merin Hunter Codman is a first class organization that is committed to all around excellence, in business and our communities, and I look forward to continuing that tradition.”
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West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is pleased to announce that Director, Lesley Sheinberg has been named its’ 2016 Broker of the Year after completing 250,000 square feet in commercial transactions in 2016.
Ms. Sheinberg, a 20-year commercial real estate veteran, specializes in office leasing and investment sales for a wide variety of institutional and private equity clients including JP Morgan, Equus Capital Partners and Lionstone Investments. She is also recognized as a leading Palm Beach County medical office expert whose clients include South Florida Gastroenterology for whom she provides disposition advisory and landlord representation and ChenMed, a national primary care physician practice committed to bringing superior health care to moderate-to-low-income seniors, for whom Ms. Sheinberg provides advisory and site selection services throughout the state of Florida.
Significant 2016 transactions included her representation of the Landlord in Palm Beach County’s largest single 2016 lease transaction, the 42,000 square foot headquarters relocation of the Health Care District of Palm Beach County to Flagler Waterfront located at 1515 Flagler Drive in West Palm Beach. Other significant transactions in 2016 included the 21,000 square foot biomedical lease to Zimmer Biomet Holding’s Biomed 3i, LLC division, a global leader in musculoskeletal health, at Golden Bear Plaza, 11760 & 11760 US Highway One in Palm Beach Gardens; and the 17,000 square foot renewal and expansion of the headquarters for Jupiter Medical Center at the Jupiter Medical and Technology Park located at 1701 N Military Trail in Jupiter.
Ms. Sheinberg is an active leader in Palm Beach County who embodies NAI/Merin Hunter Codman’s commitment to service in its local community. She currently serves as a board member of the AEC Trendsetters of Florida and is a member of the PGA Corridor Association and the Palm Beach County Medical Association. Ms. Sheinberg also plays an active role for Adopt-A-Family of the Palm Beaches. A former dancer and dance and gymnastics instructor, Ms. Sheinberg is a New York native who spent five years as a commercial real estate broker in New York, specializing in tenant representation, prior to moving to Florida and joining NAI/Merin Hunter Codman in 2003.
Jordan Paul, Chief Executive Officer, of NAI/Merin Hunter Codman stated, “We are very proud of Lesley Sheinberg and the outstanding service she has provided to our clients and community throughout the years. Lesley is a tenacious, creative and resilient person who always goes the extra mile for her clients. She gets things done with a smile on her face and a positive personality that makes people want to do business with her and our firm.”
Ms. Sheinberg stated, “Grateful, summarizes my reflection on 2016. I am grateful for the outstanding clients that I have had the opportunity to help and I am grateful to work for a company like NAI/Merin Hunter Codman, a full service commercial real estate company that is dedicated to serving its community and who provides me with all of the tools and resources needed to allow me to advise and service clients, not only locally, but worldwide.”
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PRESS RELEASE: NAI/Merin Hunter Codman Completes $18,525,000 Sale of Palm Beach Gardens Office Building
Neil E. Merin, SIOR, CCIM, Chairman of NAI/Merin Hunter Codman represented the Seller, Admiralty Acquisition Co. LLC, in the sale of the 80,300 square foot, 10-story office building to Dr. A. John Merola, of Jupiter, Florida, who was represented by Summit Commercial Real Estate Group of Syracuse, New York for $18,525,000 ($231 per sf).
The Seller, an entity formed by Ray Celedinas of Celedinas Insurance Group and local investors, acquired the property in September of 2013 from a CMBS trust that had foreclosed on the property. At the time of acquisition, the property was just 21% occupied after losing a number of tenants including homebuilder Taylor Woodrow and Fifth Third Bank during the real estate downturn.
Upon acquiring the property, Celedinas Insurance moved its headquarters to the building and hired NAI/Merin Hunter Codman as property manager and leasing agent. Over the past three years NAI Merin Hunter designed and implemented a capital improvement and marketing program that resulted in increasing occupancy at the property to its current 99% occupancy level with a high credit quality tenant roster that includes Celedinas Insurance Group, A Marsh & McLennan Agency, Pulte Homes, the US Army Corps of Engineers, the Scott Harris law firm and GAI Consultants.
Jordan Paul, Chief Executive Officer of NAI/Merin Hunter Codman stated “Neil Merin and Jason Sundook did an outstanding job in overseeing the renovations, rebranding, and re-tenanting of this project. We are very happy to have helped our client create significant value and turn 4400 PGA into a premier property on the PGA corridor.”
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West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is pleased to announce that it completed Palm Beach County’s largest office lease transaction for the year 2016. In December of 2016 the Health Care District of Palm Beach County signed a 7.5 year, 42,000 square foot lease at Flagler Waterview located at 1515 N Flagler Drive, West Palm Beach. Chairman of NAI/Merin Hunter Codman, Neil E. Merin, SIOR, CCIM represented the tenant. Mr. Merin along with Director, Lesley Sheinberg, NAI/Merin Hunter Codman’s Broker of the Year, and Commercial Associate, Matt Hedrick represented the Landlord, 1515 Flagler Property LP. The lease represented a strong end for a record year in which NAI Merin Hunter Codman completed approximately 1,000,000 square feet in lease transactions and over $250,000,000 in sales.
The Health Care District of Palm Beach County, an independent taxing district, is a safety-net health care system formed in 1988 when residents voted to create a healthier community. The Health Care District of Palm Beach County provides an array of health care services, such as a nationally-recognized Trauma System, a School Health program with registered nurses in nearly 170 public schools, health coverage programs for eligible, uninsured residents, an acute care hospital, a skilled nursing facility, and the C.L. Brumback Primary Care Clinics. Currently located in Palm Springs, the Health Care District of Palm Beach County retained NAI Merin Hunter Codman Chairman Neil E. Merin, SIOR, CCIM and his team to represent them in identifying and securing a new headquarters space. The Health Care District of Palm Beach County will be moving their headquarters to Flagler Waterview in the summer of 2017.
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West Palm Beach, Fla. –– NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is proud to welcome the return of local commercial real estate expert Barbara LeBrun, SIOR as Managing Director. Ms. LeBrun started her commercial real estate career in 1986 alongside industry expert and Chairman of NAI/Merin Hunter Codman, Neil, E. Merin, SIOR, CCIM.
A lifelong resident of the Palm Beaches, Ms. LeBrun has an unparalleled local market insight making her a local industry leader. Ms. LeBrun is a member of the Society of Industrial and Office Realtors (SIOR), was twice recognized as NAI Merin Hunter Codman’s Broker of the Year and is rated a Power Broker by CoStar. She is also Founding Member and Immediate Past President of CREW (Commercial Real Estate Women) Palm Beach, and a 2015 graduate of Leadership Palm Beach County. Throughout her career Ms. LeBrun has served on numerous boards and is currently on the Board of Families First of Palm Beach County. Ms. LeBrun has represented clients such as, JP Morgan Chase, TA Realty LLC, and the American Red Cross.
Jordan Paul, CEO of NAI/Merin Hunter Codman stated, “We are very honored to welcome Barbara [LeBrun, SIOR] home to NAI/Merin Hunter Codman. Barbara’s level of integrity, professionalism and experience makes her a first-choice for our institutional and private sector clients requiring office and industrial expertise.”
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West Palm Beach, Fla. – It has been a busy few months for NAI/Merin Hunter Codman. Since June of this year, Palm Beach County’s largest privately held commercial real estate services firm has represented buyers and sellers in approximately $250 million of commercial real estate sales. The investment properties included office, retail and multifamily properties and ranged in size from just under one million to over seventy million dollars.
NAI/Merin Hunter Codman’s Investment Sales Team led by Chairman Neil E. Merin, SIOR, CCIM, Capital Markets Specialist Christian J. Johannsen, CCIM, Retail Specialist Spencer Grossman and Multi-Housing Specialist Wendy Pierre, CCIM, facilitated almost a quarter billion dollars of investment sales transactions representing a variety of institutional and private equity clients. NAI/Merin Hunter Codman accomplished its clients’ goals over what is normally a sluggish summer period in a year which has been notable for a nationwide slowdown in investor demand. In several cases NAI/Merin Hunter Codman’s Capital Markets team was also able to assist its clients by arranging financing for the properties. The firm which also manages and leases approximately 5 million square feet of office, retail and industrial property throughout Palm Beach County has established itself as one of Palm Beach County’s premier investment sales brokers.
Jordan Paul, Chief Executive Officer of NAI/Merin Hunter Codman stated, “Florida, in general, and Palm Beach County, in particular, have continued to be very attractive investment targets in a year where we have seen investors pull back due to economic and political uncertainty. Notwithstanding that perception, our area has benefitted from steady growth in rental rates and absorption along with positive demographic trends that should allow that growth to continue. We are very pleased that our team has been able to effectively convey all that is positive about Florida and Palm Beach County on behalf of our clients. We have a diverse and experienced group of brokers who have done a tremendous job this year representing our clients on a wide variety of investment sales. Our team has combined our market knowledge with the access we have to investors worldwide through our affiliation with the NAI Global network, which has over 375 commercial real estate offices located throughout the world, to provide our clients with an extraordinary level of exposure and outstanding transaction executions for their commercial properties.”
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PRESS RELEASE: Palm Beach Garden’s Newest 63,500 SF Office Technology Complex, Gardens Innovation Center, Breaks Ground
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is proud to announce their latest assignment, Gardens Innovation Center. This Palm Beach Garden’s 63,500 square foot office and technology complex features ‘green’ eco-friendly construction with innovative and modern architecture situated within the convenient and prestigious PGA National Commerce Park, located on Hiatt Drive and Northlake Boulevard. The developer, LRP Properties II, LLC retained NAI/Merin Hunter Codman to lease the center and KAST Construction to build the project. Groundbreaking commenced in July 2016.
Gardens Innovation Center’s two professional office buildings are poised to attract the finest professional office users, as well as leading technological, bioscience and life science firms. Innovative, resourceful, and cost effective energy-efficient details were at the forefront of the design process. Eco-friendly architectural, construction and aesthetic features will be found throughout the center, as both buildings will apply for LEEDs certification. The center offers users large flexible floor plates in both the two-story, 37,500 square foot building and the 26,000 square foot, one-story building. If convenience is at the top of your wish list, Gardens Innovation Center can be found nestled within PGA Commerce Park, minutes from the Florida Turnpike, I-95 and the area’s finest amenities, including PGA National Resort. Meticulous site selection and workspace planning contribute to the success of employees and businesses. Gardens Innovation Center is designed to lead, collaborate and inspire tenants.
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West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is proud to announce that Chairman, Neil E. Merin, SIOR, CCIM will be honored as 2016 Chairman of the Year by the South Florida Business & Wealth (SFBW) magazine. The annual SFBW Apogee Award program recognizes distinguished South Florida business leaders who hold C-Suite positions. The awards are based on nominations by the public and are selected by SFBW. The third annual, 2016 Apogee Awards will honor three executives in each leadership role — Chairman, CEO, President, COO, CIO, CFO, CMO and Senior Human Resource Executive representing Miami-Dade, Broward and Palm Beach counties.
“The South Florida Business Wealth now joins the South Florida Business Journal, CoStar and Easter Seals in recognition of Neil’s dedication to his craft and community. As the CEO of NAI/Merin Hunter Codman, and as Neil’s personal friend, it is my distinct pleasure to congratulate Neil on well-deserved recognition,” Jordan Paul, CEO of NAI/Merin Hunter Codman.
SFBW will recognize 2016 Apogee Award honorees in the December 2016 issue of the South Florida Business Wealth and during the October 27 ceremony being held at NSU Art Museum in Ft. Lauderdale.
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PRESS RELEASE: Christian J. Johannsen, CCIM of NAI/Merin Hunter Codman Completed $38,650,000 of 1031 Exchange Investment Sales and Secured $25,825,000 of Financing
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is proud to announce that Christian J. Johannsen, CCIM, Managing Director of NAI/Merin Hunter Codman has executed three acquisitions to complete the outbound leg of an IRS Section 1031 Exchange totaling $38,650,000. Mr. Johannsen also placed $25,825,000 financing for the three sale transactions. All three acquisitions were NNN (Triple Net) leased to creditworthy tenants.
Christian J. Johannsen, CCIM is a commercial real estate veteran who specializes in capital advisory services at NAI/Merin Hunter Codman. Utilizing his expertise, he was able to defer his client’s immediate tax liability by taking advantage of a provision in the tax code (Section 1031) that permits property owners to exchange like properties, under certain criteria, to defer recognition of gain or loss and therefore defer the tax that may have occurred in an outright sale.
Representing Garner Advance, LLC, Mr. Johannsen advised his client on the purchase of White Oak Crossing, an 87,446 square foot retail plaza containing signature national tenants Burlington Coat Factory, Staples and Dollar Tree. White Oak Crossing is located at 1210-1230 Timber Creek Drive in Garner, NC and was purchased for $12,300,000 from NC Garner White Oak, LLC. Mr. Johannsen also secured a 10-year, non-recourse loan in the amount of $7,380,000 at an interest rate of 2.64% on behalf of the purchaser. The seller NC Garner White Oak, LLC was represented by J. Tyson Glasser, CCIM, of Realty Link, Greenville, SC.
In Florida, Mr. Johannsen represented Celebration Advance, LLC in the purchase of Celebration Office Center III, a 100,924 square foot, 3-story office building located at 1390 Celebration Boulevard, Kissimmee FL for $17,200,000. Mr. Johannsen also secured a $12,040,000, 10-year loan at 2.64% interest on behalf of his client, Garner Advance, LLC.
On the Treasure Coast of Florida, Mr. Johannsen identified a 51,627 square foot office / call center located at 300 Business Center Drive, Port St. Lucie, FL as an investment for his client PSL Advance LLC. Mr. Johannsen’s client purchased the property from QVC St. Lucie for $9,150,000. In order to complete the acquisition, Mr. Johannsen secured the $6,405,000 financing in a 10-year, 2.64% non-recourse loan.
Jordan Paul, CEO of NAI/Merin Hunter Codman said, “Christian J. Johannsen, CCIM personifies the signature brokerage service and customer service for which NAI/Merin Hunter Codman is known. Utilizing the NAI Global platform Mr. Johannsen was able to select 1031 Exchange properties in and outside of the state to fit each of his client’s unique needs. Mr. Johannsen, did not stop there, he also asked, “How can I help you next?”, and secured the financing needed to finalize the deals”. Continuing Mr. Paul stated, “Congratulations to “CJ” for a job well done.”
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