Posts tagged Jordan Paul
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: 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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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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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.
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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.
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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Over 20 NAI/Merin Hunter Codman employees, family and friends volunteered on Saturday at the Urban League of Palm Beach County’s Thanksgiving Basket Giveaway for the third consecutive year. The Urban League of Palm Beach County has been at the forefront of youth, education, economic, community and health empowerment for the past 38 years. As the leading provider of comprehensive family services serves over 16,000 clients annually. The majority of the youth and families they see on a daily basis are living at or below the federal poverty line and in underserved and challenged areas in our community. They live in neighborhoods with low high school graduation rates, high unemployment and underemployment, high crime rates and one-parent households. The Urban League addresses these challenges by providing self-reliance programs that move families and individuals into the economic mainstream through education, self-improvement and capacity building.
Since its inception, the ULPBC has worked diligently in the community offering programs and services to the underserved in Palm Beach County as well as acting as a public policy advocate for their rights. The ULPBC was formed with the purpose to enable disadvantaged minorities to secure economic self-reliance through education, housing and employment. The organization has offered stellar programs in the areas of housing counseling, youth development and education, community development and crime prevention and intervention.
Our volunteers had a great time organizing and distributing all of the ingredients and food items that the families would need to have a happy and healthy Thanksgiving holiday. In addition to volunteering time at the event, CEO Jordan Paul helped collect over $4,300 dollars in donations from trusted vendors and clients. We’re so thankful to have been a part of such a great community building event and wish everyone a Happy Thanksgiving!
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firms, together with the Education Foundation of Palm Beach County (“Education Foundation”), today announced that Jordan C. Paul has been named to the foundation’s board. Mr. Paul is the CEO of NAI/Merin Hunter Codman and brings to the Education Foundation a strong and diverse background in business operations, law, finance, investment and asset management, and strategic joint ventures. Mr. Paul is a long-time advocate of educational causes in South Florida, and already is helping to direct the Education Foundation’s inaugural “School-Ready Supplies Store” program. The program aims to establish centralized retail/warehouse facilities in Palm Beach County to provide free school supplies to students and teachers in Title I schools (disadvantaged/low-income area schools). It is just one of many initiatives undertaken by the Education Foundation to bridge unmet gaps between public funding and the “learning, literacy and leadership” needs of the county’s students.
“Jordan Paul brings to the Education Foundation of Palm Beach County strategic business acumen that will help enable our private investments and business partnerships to maximize learning results,” said Christina Lambert, President and CEO of the Education Foundation of Palm Beach County. “Jordan Paul is a hands-on executive, which we like to see, ready to help spearhead new initiatives from the ground up. With board members like Mr. Paul and others, we can better run new programs efficiently and business-wise.”
Though Mr. Paul will advise on numerous Education Foundation initiatives, the foundation is particularly looking to his guidance with the new free school supply store since it includes the identification of optimal real estate sites, negotiation of leases (and/or building purchases), and ongoing property management. NAI/Merin Hunter Codman, where Mr. Paul serves as CEO, is the largest commercial brokerage firm in Palm Beach County, and as such, Mr. Paul oversees all aspects of strategic acquisitions, leasing and comprehensive property management at the firm, among other duties. The firm has in its client base some of the nation’s most prestigious institutional and private investors.
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West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firm, today announced that Christian J. Johannsen, CCIM, has joined the firm as a Managing Director. Mr. Johannsen brings to NAI/Merin Hunter Codman over four decades of commercial real estate experience and industry relationships. He will focus on capital advisory services for institutional-quality assets including debt/equity placement, bridge and mezzanine financings, structured finance, and capital markets executions, among other advisory and placement services. Mr. Johannsen joins the firm from NAI Miami — which like NAI/Merin Hunter Codman is part of the NAI Global network. He held top executive positions at various other high-profile Florida brokerage firms over the course of his career and has over $4 billion of commercial real estate sales and financings to his merit. Mr. Johannsen has also, over the years, served as an instructor for the Commercial Investment Real Estate Council and as an Adjunct Professor at both Broward Community College and Palm Beach Community College.
“We feel very fortunate to have an opportunity to add to our team a senior commercial real estate executive with a sophisticated background and extensive institutional experience,” said Jordan C. Paul, CEO of NAI/Merin Hunter Codman. “Christian Johannsen will be an extremely valuable addition to our firm as we continue to expand the depth of our capital advisory and financing services.”
Added Jeremy Larkin, Co-Chairman at NAI Miami, “We support Christian’s life decision to return to his roots in Palm Beach County. While he will be missed in Miami, we were thrilled to work in tandem with Christian and the NAI/Merin Hunter Codman team. We have a long history of shared transactions with NAI/Merin Hunter Codman and believe Christian’s transfer to their offices will only strengthen our bond.
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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.
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