West Palm Beach, Fla. — NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firm, today announced that it has leased prime retail space on US 1 in Tequesta, Florida to Pet Supermarket, one of North America’s largest pet supply retailers. The Sunrise-headquartered retailer signed a long-term lease for 6,700 square feet of space at Village Square of Tequesta, establishing the chain as the only large pet retailer in the city and pointing to the continued success of the industry in general. Pet Supermarket now has more than 150 stores nationwide with over 100 in Florida alone. One of the primary industry trade publications, Pet Business, refers to the pet supply industry as a “powerhouse of growth,” reflective of continually increasing pet ownership in the U.S. Approximately one-third of all households in America own a dog and nearly as many are cat-owners.
“There was a void in northern Palm Beach County for a leading pet specialty store, and Pet Supermarket will fill that void in a prime location,” said Bruce Corn, Managing Director of the Retail Services Group of NAI/Merin Hunter Codman. “The location offers exceptional visibility with 30,000 cars driving by on US 1 daily.” Mr. Corn negotiated the new lease on behalf of the property owners, Tequesta Investors, LLC.
Village Square at Tequesta is a 74,000 square-foot strip center on US 1 at Tequesta Drive in Tequesta, which is the northernmost city in Palm Beach Country. Martin County lies to the north. The new Pet Supermarket is expected to service pet owners in both counties. The store began build-out this month and is expected to have a grand opening prior to year-end. The new store’s address will be 229 US 1 in Tequesta.
Click here to read the full press release.
The results are in from the Commercial Real Estate Brand Survey by the Lipsey Company, an international leader in training and consulting for the commercial real estate industry. NAI Global has ranked in the Top 5 brands!
We’re honored to be a part of this dynamic global network of real estate professionals. NAI Global member firms are currently in over 375 offices worldwide, with more than 6,700 local market leaders.
As your Palm Beach County firm, NAI Merin Hunter Codman has over three decades of experience advising clients on strategic acquisitions and dispositions and providing landlord representation, tenant representation, property management and construct management services.
We bring you real estate solutions around the block or around the world. Where can we help you next?
Slimfast’s Revitalized Brand Goes for Gold with New National Headquarters at Golden Bear Plaza in Palm Beach County
PGA office corridor heats up, buoyed by diminishing availability of Class-A space and renewed national interest in South Florida region
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firm, announced that an affiliate of Slimfast has leased over 13,000 square feet of Class-A office space at Golden Bear Plaza in Palm Beach Gardens. The full-floor space will serve as national headquarters for Slimfast, marking the culmination of the company’s return to the South Florida region. The company had previously been based in West Palm Beach before its relocation to New Jersey upon its sale in 2000 to Unilever. Now, with new private-equity ownership, Slimfast has recommitted to South Florida, citing the region’s economic dynamics and its lifestyle appeal to a qualified workforce. The Slimfast lease tops off a total of more than 41,000 square feet of new leases signed at Golden Bear Plaza, which is a signature three-building office complex situated just north of PGA Boulevard and featuring spectacular ocean and intracoastal views.
“Slimfast is on the verge of launching revitalized and innovative new product lines, and a South Florida location compliments those exciting dynamics,” said Chris Tisi, CEO of Healthy Delights, which together with Dallas-based Kainos Capital acquired a majority interest in Slimfast last year. “We’re looking forward to welcoming large retailers to our headquarters space, which will be emblematic of our new, quality products.”
Added Jason Sundook, Principal of NAI/Merin Hunter Codman, “We see a trend of national companies returning to South Florida and to the appeal of the Palm Beach Gardens market. The area offers the ideal live/work formula with an abundance of luxurious residential communities, retail amenities and superb highway access coupled with top-quality office space.” Sundook negotiated the Slimfast lease on behalf of Golden Bear Plaza ownership. Tom Robertson of CRE Florida represented Healthy Delights.
CLICK HERE to read the full press release.
We had a fantastic time on Thursday at City Centre’s Summer Luncheon! Lesley Sheinberg and Steve Paige welcomed brokers from throughout the area to enjoy a delicious lunch and tour the property. Dessert was provided by City Centre’s newest tenant: Limoncello Italian Grill (opening soon!).
City Centre is a 93,700 square foot office mixed-use plaza in Palm Beach Gardens, offering retail and office tenants excellent choices in a prestigious and beautiful setting. If you or your clients need small or large space, high profile visibility or a quiet and intimate setting, City Centre has the space to fit your needs. Click here for more information and schedule your tour today by calling 561 471 8000!
We’re so excited that the date for the 2015 Boca Raton Bowl has been announced! Our company’s sponsorship last year was a great a success and we’re looking forward to all that this year’s event has in store. Find out details from an excerpt of the official press release below:
BOCA RATON, Fla. — The 2015 Boca Raton Bowl will take place on Tuesday, Dec. 22, as announced by Boca Raton Bowl executive director Doug Mosley. The game will be televised on ESPN at 7 p.m. ET from FAU Stadium, located on the campus of Florida Atlantic University in Boca Raton.
“This is a date and time that will be very familiar to Boca Raton Bowl fans,” said Mosley. “Our inaugural game was on the Tuesday evening before Christmas and it was a very popular event for families who came out for the afternoon fan fest and kids activities, as well as the hospitality areas and live music. We’ll be in a similar spot in the calendar for this year’s game and it is our hope to make this event an annual holidays tradition in Palm Beach County.”
The first Boca Raton Bowl game was played on Tuesday, Dec. 23, 2014, kicked off at 6 p.m., and was also televised on ESPN. Marshall University, the champion of Conference USA, defeated Northern Illinois University, the champion of the Mid-American Conference 52-23.
“The inaugural Boca Raton Bowl brought a great atmosphere and high level of excitement to our city and we’re looking to build upon that this year,” said Boca Raton Mayor Susan Haynie. “We’re eager to welcome the participating teams and fans to Boca Raton and share with them our extraordinary level of hospitality.”
CLICK HERE for more information on NAI/Merin Hunter Codman’s involvement in the 2014 Boca Raton Bowl.
CLICK HERE to get the answers to those questions in an excerpt from the Spring 2015 issue of The Linneman Letter by Dr. Peter Linneman, PhD, Chief Economist at NAI Global and Principal of Linneman Associates.
We’re so excited to share that NAI/Merin Hunter Codman has secured top placing in the 2014 CoStar Power Broker Awards! We’re very proud of brokerage team’s accomplishments and can’t wait to see what 2015 has in store. CLICK HERE to see the other winners.
As seen in SFBW magazine April edition
It’s a great time to be a seller of commercial real estate. South Florida in general, and Palm Beach County in particular, have enjoyed a full recovery from the downturn that began when capital markets disintegrated in 2008. Office and retail projects throughout Palm Beach County saw record sale prices in 2014 and new highs are expected to be set in 2015. Palm Beach County also enjoyed positive office absorption with vacancies falling approximately 5% and little new construction on the horizon. Enormous institutional capital remains earmarked for commercial real estate, continuing to push capitalization rates to record lows.
With this in mind, potential sellers must think about the steps they can take to maximize property values. Preparation for sale should actually begin in the preliminary stages of ownership and should continue with proactive property and financial management throughout the ownership period.
Don’t Forget The Basics
Overall architectural design and property condition are critical valuation factors. Owners should continually explore capital projects to improve the appearance of a property, sustain the life of its systems and maximize operational efficiency. From the outset, owners should set aside capital reserves for repairs and plan on a consistent capital improvement program. Maintenance is particularly critical to avoid giving valued tenants reasons to not renew.
A strong understanding of a landlord’s rights under its leases is also critical. It’s imperative that collections be kept current and rent increases and expense pass-throughs be captured and invoiced when due. While strong tenant service is critical, tenants should be held accountable for lease obligations.
The loss of any tenant can hurt your bottom line. Lost rental income, new tenant build-out allowances and brokerage commissions all cut into an owner’s profits. To optimize property values, build and maintain a robust tenant retention program. Key considerations include:
- Ongoing relationship assessments – Address tenants proactively through ongoing communication to prevent small issues from turning into big issues that could lead to non-renewals. Property managers need to stay in touch with their tenants and develop a relationship whereby tenants view them as valued colleagues and problem solvers. Tenant appreciation programs and regular surveys can play an important role in boosting tenant retention rates.
- Monitor renewals – Consistently monitor which leases are coming up for renewal and begin renewal discussions at least 12 months prior to allow time to address critical issues. Existing tenants in need of expansion are always your best prospects for new space.
- Identify “most valuable” tenants – Every tenant is important, but an owner needs to continuously evaluate the impact that each tenant has on the owner’s overall portfolio taking into account contributions to cash flow and credit quality. Make sure you understand the value of each tenant and that you allocate focus and retention efforts accordingly.
Capitalize On The Capital Markets
Evaluation of a property’s capital and financing structure is another key to optimizing value. Consistent communication with financing professionals to regularly evaluate capital structure and debt alternatives is important in today’s dynamic market. Interest rates are at record lows, a wide variety of lenders are competing for borrowers, and there are a plethora of loan products that can be used to efficiently finance a property. Over $90 billion of new commercial loans were securitized in 2014 compared to just $2 billion in 2009. CMBS (commercial mortgage-backed securities) loans allow borrowers to lock in today’s low rates for up to 10 years on a non-recourse basis, and there are also numerous shorter term financing options available from commercial banks and investment funds.
Palm Beach County is among the most sought after commercial real estate markets in the country. For property owners seeking to tap into investor demand and achieve top valuations, it’s important to deploy an ongoing, proactive and disciplined approach — and the time to start is now.
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firm, announced that it has leased 7,002 square feet of Class-A office space in West Palm Beach to USPA Properties, Inc., a wholly owned subsidiary of the United States Polo Association. The latter serves as the non-profit governing body, since 1890, for the sport of polo in the U.S. USPA Properties manages the U.S. Polo Association brand, partnering with licensees in over 135 countries worldwide to provide consumers with branded apparel, accessories, luggage, home furnishings and more. USPA Properties, which boasts more than $1.5 billion in retail sales, is relocating its world headquarters from Lexington, Kentucky. It was drawn to the West Palm Beach region due to its desirability as an international polo destination and its favorable lifestyle and area demographics that will allow the company to attract top talent. South Florida was selected over rival cities Atlanta, Dallas and Houston.
USPA Properties will be moving to 1400 Centrepark, a 95,000 square-foot office property situated off of Australian Avenue in West Palm Beach. The property is in close proximity to the downtown central business district and Palm Beach International Airport. USPA Properties will occupy the full second floor of the 10-story modern building where it expects to host a professional staff of approximately 30, two-thirds are which are expected to be new hires from the area.
To read the full press release, CLICK HERE.
Thank you to everyone who joined us at Fairway Office Park’s Third Annual Honda Classic Broker Luncheon. Neil Merin, SIOR, CCIM, Jason Sundook, SIOR and Lesley Sheinberg, NAI/Merin Hunter Codman hosted over 45 brokers from top commercial real estate firms throughout South Florida for lunch, libations, and tours of the beautiful suites available at Fairway Office Park. After lunch, guests were shuttled to watch the PGA’s Honda Classic tournament at one of the most popular spots, the Gosling’s Dark ‘N Story Bear Trap. The Bear Trap offers exciting views of the 16th hole and all the action on the signature par 3 17th hole.
We love co-hosting this event with Fairway Office Park for a variety of reasons:
1. Proceeds from Honda Classic tickets benefit a number of South Florida charities through Children’s Healthcare Charity and the Nicklaus Children’s Health Care Foundation
3. We get to enjoy a great afternoon with colleagues from across South Florida
4. Prizes! We love to give our guests prizes. 2015 winners of a $200 Capital Grill Gift Card, $100 Palm Beach Golf Center Gift Card and $50 Visa Gift Card were, John Geisen of Colliers, Kevin Landers of Savills Studley and Kerry Jackson, SIOR of Reichel. Congrats!
Fairway Office Park is a stunning Class-A office park nestled on a lush 16-acre campus within the prestigious PGA National Resort community, and location of the annual Honda Classic tournament. Offering direct access to the Florida Turnpike and just minutes from numerous Palm Beach Gardens amenities, Fairway Office Park is a smart choice for you or your clients office needs.