West Palm Beach, Fla. – Jordan Paul, CEO of NAI/Merin Hunter Codman Inc., Palm Beach County’s leading commercial real estate services firm, is pleased to announce the completion of over 250,000 square feet of commercial real estate sales and leasing transactions in the first quarter of 2016.
“Our brokerage teams have hit the ground running in the first quarter of 2016, completing sales and leasing transactions on over 250,000 square feet of commercial real estate,” said Jordan Paul, CEO of NAI/Merin Hunter Codman. On the investment sales side, Bruce Corn, Managing Director, completed the sale of the 26,700 square foot Palm Beach Golf Center located at 7700 N. Military Trail, Riviera Beach. Jason L. Sundook, SIOR, Principal and Spencer Grossman, Director also completed the sale of 1425 Gateway Boulevard, a 28,000 square foot former charter school in Boynton Beach.
Tenant representation services were provided by David W. Knott and Ryan R. Dinsdale, CCIM of NAI/Merin Hunter Codman’s Investment Services Team, who facilitated a 30,000 square foot lease expansion for RAVE, LLC, a global supplier of advanced equipment for leading edge semiconductor and nanotechnology applications.
Lesley Sheinberg, a NAI/Merin Hunter Codman Director, who specializes in medical site facilitation, secured two facilities for ChenMed (Chen Neighborhood Medical Centers South Florida) totaling 25,000 square feet in Lakeland, Florida. ChenMed is a family-owned, family-oriented organization committed to bringing superior health care to moderate-to-low-income seniors.
Richard Brockney, Director of NAI/Merin Hunter Codman’s South Palm Beach County leasing team, facilitated a total of 21,000 square feet of new leases, including a 13,000 square foot lease with Shendell & Pollock, a local law firm, on behalf of Fountain Square Owner, LLC at Fountain Square in Boca Raton.
CLICK HERE to read the full press release.
Join us in congratulating the 2016 Power Leaders in Real Estate! 100 South Florida Real Estate Executives were chosen by the South Florida Business Journal because of their efforts to transform the region’s landscape and skyline. Our very own Neil Merin, SIOR, CCIM, has again been recognized by the prestigious South Florida Business Journal. Jeremy Larkin, Co-Chairman of NAI Miami, also made the list.
CLICK HERE for more details.
NAI/Merin Hunter Codman Named #1 Property Management Firm and Top 4 Commercial Real Estate Firm in Palm Beach County
– NAI/Merin Hunter Codman is recognized by both Costar Group and the South Florida Business Journal –
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, has been recognized by the South Florida Business Journal’s 2016 Book of Lists as the #1 Property Management Firm and #4 Commercial Real Estate Brokerage Firm in Palm Beach County. In addition, the firm will be receiving their 11th consecutive Top Leasing and 9th Top Sales Firm accolades according to the 2016 CoStar Power Broker Awards. Neil E. Merin, SIOR, CCIM, Chairman of NAI/Merin Hunter Codman, will receive his 12th consecutive Top Leasing and 3rd Top Sales CoStar Power Broker Awards.
For more than 30 years the South Florida Business Journal, of The Business Journals, has been producing “Top” lists of tri-county businesses, charities and professionals recognizing South Florida industry leaders. In April, the South Florida Business Journal published their “2016 Book of Lists” naming NAI/Merin Hunter Codman as the #1 Property Management Firm and #4 Commercial Real Estate Firm in Palm Beach County. Furthermore, Chairman, Neil E. Merin, CCIM, SIOR has been recognized by the South Florida Business Journal as a leader/heavy hitter in commercial real estate.
In addition to NAI/Merin Hunter Codman, a total of three other NAI Florida offices were recognized by The Business Journal including NAI Realvest (#8 Orlando), NAI Tampa Bay (#8 Tampa) and NAI Miami (#23 South Florida). The Business Journal’s 2016 rankings are based on aggregate dollar volume of 2014 sales and leases in South Florida.
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NAI/Merin Hunter Codman, Inc. is pleased to bring to market 45th Street Plaza, a 128,362 SF retail shopping plaza that offers investors multiple ways to completely redevelop the asset. The plaza was constructed in 1985 with renovations in 1997 and rests on 9.68 acres in West Palm Beach, FL. Existing national and local tenants offer an in place income while implementing a value-add strategy. The adjacent 1.15 acres of land on South Tiffany Drive can be made available, and the property has the ability to create multiple out-parcels.
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“Wall Street is in a panic, supposedly worried about a rising dollar, slowing Chinese growth, plummeting oil prices, a U.S. recession, and increasing interest rates. While these supposed rationales are more cover stories than real reasons, this panic caused stock prices to fall by 12% between year-end 2015 and February 11th, hitting a low not seen for two years. And as Wall Street jitters caused a flight to safety, 10-year Treasury yields fell by 20 bps and mortgage spreads widened by 100-200 bps. In addition, nervous lenders pulled back on mortgage origination growth, especially for commercial mortgagebacked securities (CMBS), and loan proceeds fell by 5-10%.
Yet while Wall Street is in a complete tizzy, Main Street continues to move forward: consumer confidence remains largely unchanged near its historical average; the economy continues to add jobs at a healthy pace; wages are growing faster than inflation; unemployment claims are low; the unemployment rate and the duration of unemployment are falling; and consumer spending remains solid. Thus, while Wall Street fears apocalypse, Main Street merrily dances onward.
This disconnect raises the question, “Who is right: Wall Street or Main Street?”
To find out the answer and read the rest of the excerpt, CLICK HERE.
NAI/Merin Hunter Codman is very excited to share the news that Palm Beach County’s first Red Apple Supply Store will open soon on Florida Avenue in West Palm Beach! The store will provide free school supplies to teachers in Title 1 (the neediest) schools in Palm Beach County, reducing the need for teachers and educators to pay out of pocket to ensure their classrooms and students have the necessary supplies to succeed.
NAI/Merin Hunter Codman played a significant role in helping to build the store. Ryan Dinsdale, David Knott, and Jordan Paul (who is also a Board Member of the Education Foundation) worked to identify and tour a variety of sites to find the right one. They also worked with the Foundation to help them negotiate the 1,425 SF lease. And to top it off, the brokers and firm donated their share of the commission to help the Foundation get the best economic deal possible.
The store is an initiative of the Education Foundation of Palm Beach County, a privately funded non-profit organization dedicated to bridging funding gaps within the School District of Palm Beach County.
Giving back to our community is a core value for us at NAI/Merin Hunter Codman. We are excited about the potential of the Red Apple Supply Store. We appreciate having the opportunity to assist the Education Foundation of Palm Beach County and look forward to its success!
For more information regarding the Education Foundation for Palm Beach County, click here.
NAI/Merin Hunter Codman’s REAL Leaders were thrilled to volunteer their morning at the Senator Philip D. Lewis Center in West Palm Beach for the Homeless Coalition of Palm Beach County. For 30 years, the Homeless Coalition has been the voice for homeless, advocating for their rights and a place they can call home. The Coalition has been a strong leader within the community by recommending policy changes to improve services for the homeless. It also identifies homeless strategies that can produce results, and gets the message out to the community for prompt action.
Our team learned sobering facts about homelessness in our community. In March 2016, over 3,170 students were identified as homeless. Palm Beach County ranks #2 in Florida for children living in spaces not designed for human habitation. Additionally, 1,421 individuals/families are homeless on any given day in Palm Beach County. The Homeless Coalition helps to provide these individuals and families with the support they need to thrive through donations, meals, and housing assistance.
REAL Leaders helped in the donation center by sorting through and organizing clothes, toys and housewares. Donations made to the Homeless Coalition go straight to those in need without resale. Items accepted are non-perishable food items, diapers, baby wipes, toiletries, shoes and accessories, clothing, household cleaning products, dishes, pots & pans, small appliances, etc.
Our team also had the wonderful opportunity of participating in the Breaking Bread, Breaking Barriers program. NAI/Merin Hunter Codman sponsored and prepared lunch for the 70 men and women that are housed at the Senator Phillip D. Lewis Center. Most meals are usually leftover from the jail, so these sponsored meals are truly a welcomed treat.
Please CLICK HERE to learn more about the great work that the Homeless Coalition does to alleviate homelessness in our community and how you can help.
“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.”
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