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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Construction is underway at Palm Beach Gardens newest contemporary office/tech park: Gardens Innovation Center! Tenants will enjoy the crisp, clean lines and modern flair of contemporary and eco-friendly architecture located in a refined and desirable Palm Beach Gardens location.
The property will feature: two new contemporary office buildings, innovative and modern design with high ceilings and first class finishes, and a wide variety of efficient floor plans.
Gardens Innovation Center is located at the signalized intersection of Hiatt Drive and Northlake Boulevard, in the prestigious PGA National Commerce Park. The property offers easy access to the Florida Turnpike and is minutes away from I-95, PGA National Resort & Spa and the Gardens Mall.
CLICK HERE for more information.
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.
CLICK HERE to see the full press release.
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.”
CLICK HERE to view the full press release.
“The Linneman Real Estate Index (LREI) monitors the supply of real estate capital, as proxied by the aggregate flow of commercial real estate debt (the numerator), with the fundamental demand for space, as measured by nominal GDP (the denominator). Excluding the net real estate equity flows from the numerator modestly understates capital oversupply situations and overstates an undersupplied market. The LREI captures whether debt for commercial real estate is growing more quickly or slowly than the economy. When the index is rising, it means that mortgage debt available for commercial real estate is rising more rapidly than the economy, and vice versa. The index is set to 100 with a base year of 1982, when the supply of real estate capital was roughly in balance with demand.
The index rises when mortgage debt rises more rapidly than the economy grows (“easy money”), and declines when money is tight relative to economic growth. The LREI peaked at 171 in 2009, but steadily declined before hovering between 136-139 from 2012 through 2014 as the Financial Crisis reverberated. The index increased to 143 in the first quarter of 2016, a clear indication that a new capital cycle is underway. As banks expand their mortgage lending, the era of massive real estate deleveraging has come to an end. Our research shows that, historically, the best investment periods for real estate have occurred while the LREI is declining or in the first 2 years of rising.
The LREI tends to run in long cycles, and we believe we are still in the early phases of another capital boom. We expect lending to outstrip the growth of the economy, resulting in huge capital flows to real estate for the next three years. This bodes well for prices over the next couple of years. The risk is that if you are looking to sell 3-4 years from now, you could hit the side of the mountain. When capital is being taken out of a capital intensive business, values go down far more than NOI goes down. If you are a long-term holder (10-30) years and can see your way through the valleys, you will do quite well, but if you are a 2-3 year holder, note that we are actually entering a dangerous window. That is, yes, there is a lot of capital flowing, but investors could find themselves having a difficult time exiting if the capital cycle reverses in 3-4 years.”
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Thank You Easter Seals!
Neil E. Merin and NAI/Merin Hunter Codman Awarded Easter Seals Florida Corporate Partner of the Year
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 and NAI/Merin Hunter Codman have been awarded Corporate Partner of the Year highlighting commitment to Easter Seals Florida. Upon receiving the awards, Heather R. Weisbrod of Easter Seals Florida, Inc. stated, “Neil, you have always been an Easter Seals enthusiast from the start and we could not be luckier to have you as a leader in our organization. Thank you for the impact you have made by co-creating Get Down To Business and continuing to be a part of the magic now 10 years later. Neil has not only supported Easter Seals through his company but has been committed to the legacy of his family and children by giving each year through his family foundation. Get Down to Business has raised over a half million dollars and rising and that would not have been possible without Neil and NAI/Merin Hunter Codman.”
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In a resounding repudiation of the political class, on June 23, 2016, the citizens of the U.K. overwhelmingly voted to leave the European Union by a margin of 52% (17.4 million voters) to 48% (16.1 million). The “British exit”, commonly known as “Brexit”, was opposed by all 5 U.K. political parties, as well as President Obama, Chancellor Merkel, and almost every political leader around the globe. The vote was framed as a choice between maintaining economic and political stability (the “stay” camp) versus national sovereignty (the “leave” camp).
CLICK HERE to read the rest of The Linneman Letter.
On average, Red Cross helps more people after home fires than all other disasters combined. To combat this threat, Red Cross and its partners have launched an initiative that aims to reduce deaths and injuries caused by home fires by 25% in the next 5 years with the Home Fire Campaign. NAI/Merin Hunter Codman’s REAL Leaders took part in this campaign on Friday, June 10th. Over 15 volunteers worked together going door to door in a local community to install over 40 smoke detectors, distribute fire safety information packets and educate families on the importance of having a Home Fire escape plan.
Home Fire Facts:
- Seven times a day, someone dies in a home fire. Every 40 minutes, an injury from a fire is reported
- Nearly 1,000 times every day, fire departments are called to home fires
- Damage from US home fires is bigger than the entire annual sales of many Fortune 500 companies
- Data shows that the 4 percent of homes without smoke alarms represent nearly 40 percent of the home fires, and that working smoke alarms can double someone’s chance of surviving a fire
To see how you can help the American Red Cross and their campaign, CLICK HERE.
NAI/Merin Hunter Codman Names Vice President of Property Management & Vice President of Construction Management
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, is excited to announce leadership changes within the firm. Carey Kingree, RPA, FMA has been promoted to Vice-President of Property Management and Richard Havens has been promoted to Vice President of Construction Management.
Carey Kingree joined NAI/Merin Hunter Codman in 2005 as Senior Property Manager. As Vice President of Property Management, Ms. Kingree oversees and directs all aspects of property management operations for NAI/Merin Hunter Codman’s 5,000,000 square foot portfolio of office buildings, retail centers and industrial projects across the state of Florida. In addition to overseeing all property management personnel, Ms. Kingree also supervises budgeting, reporting and bidding for all NAI/Merin Hunter Codman managed properties. Working closely with NAI/Merin Hunter Codman’s accounting, engineering and construction divisions, Ms. Kingree ensures that all managed properties are operated to first-class standards focusing on cost effective and environmentally sustainable processes and procedures. Prior to NAI/Merin Hunter Codman, Ms. Kingree worked as a Property Manager for Equity Office, the largest office REIT in the United States.
Richard Havens joined NAI/Merin Hunter Codman in 2009 and has served as Director of Engineering and Property Management. As the Vice President of Construction Management, Mr. Havens is now responsible for the overall success of NAI/Merin Hunter Codman’s general contracting and construction management operations. Mr. Havens oversees all facets of construction project management, including general contracting operations, pre-construction services, estimating and field management. Mr. Havens holds a degree in Civil Engineering from Florida State and has an extensive construction management background, having previously worked for prominent national and international firms including Taylor Woodrow and Jacobs Engineering.
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NAI/Merin Hunter Codman’s Team REAL LEADERS discovered a western Palm Beach County wonder of the world. Team REAL LEADERS had the unique privilege “giving back” at the Panther Ridge Conservation Center, a 10-acre big cat retreat, in Wellington, FL. Our REAL LEADERS were warmly welcomed by Judy Berets, Director, of Panther Ridge Conservation Center, as well as some of her famous residents, Amous a black leopard, Charlie the cheetah, Brandy the puma, Phoebe a caracal, Duma a serval and many more exotic felines. NAI/Merin Hunter Codman volunteers spent the day learning about each species while cleaning, painting, trimming, raking and laying pavers, ensuring the lush center is ready for guests. CLICK HERE to see some pictures from the volunteer day.
Did you know? Between 2,000 and 5,000 tigers are in captivity in the United States along with untold numbers of lions, leopards, cougars and other exotic cats. Captive big cats can live up to 20 years. As a result, every year more and more of these animals are abandoned or neglected by their owners. Panther Ridge Conservation Center, a 501(c)3 not-for-profit corporation, is dedicated to providing a lifetime home for captive exotic felines that have been abandoned, abused or are simply unwanted. Once a cat is accepted by Panther Ridge, its needs are met for the rest of its natural life – it will never again be in need of a home, or at risk of neglect or mishandling. But…
Panther Ridge needs our help, housing, feeding and care of exotic cats is challenging and costly. Diet requirements, veterinary expenses, housing enclosures and maintenance costs can run upwards of $150,000 per year. And sadly, the facility must often turn down requests to house additional animals due to lack of funds. What can you do? Donate time, consider “adopting” one of the magnificent cats, or special public appearances can be arranged. Do you have friends coming to town or need a gift idea? Bring your loved one to Panther Ridge and take one of the most intimate, informative and heartwarming tours you’ll ever experience.
Panther Ridge Conservation Center truly is a wonder of the western Palm Beach County World. Help us, spread the news:
Address: 14755 Palm Beach Point Blvd, Wellington, FL 33414