Florida presents a very compelling real estate investment scenario... Markets reached a turning point in 2012, and we expect the recovery begun then to continue for several years, boosted by a housing recovery in Florida combined with low interest rates.”
West Palm Beach, FL (PRWEB) February 07, 2013
NAI/Merin Hunter Codman, one of South Florida’s leading commercial real estate services firm, today announced that the firm achieved new milestones in 2012, surpassing the 4.3 million square-foot mark in third-party property management, significantly increasing its property sales transactions, and taking on a record number of Receivership assignments, clearly continuing the firm’s role as a leader in that regard. The firm’s growth in these business sectors is attributable in part to the firm implementing a strategy that seeks to attract capital to the region, which in turn, expanded investment sales and broadened the firm’s roster of institutional clients. The firm also significantly increased its distressed-asset services as national investment firms sought the exceptional regional and statewide turnaround expertise of NAI/Merin Hunter Codman. As a result of the high demand for and growth in its services, the firm plans to boost its professional staff by approximately 10 percent in 2013.
NAI/Merin Hunter Codman’s portfolio of third-party property management grew 20 percent in 2012 to the 4.3 million square-foot mark. The firm handled investment property sales totaling $40 million, representing a significant increase over 2011, indicative of a market turnaround. Furthermore, the firm was awarded considerable receiverships assignments in 2012, representing major lenders and special servicers. Those assignments, together with investor assignments, boosted NAI/Merin Hunter Codman’s client roster to include prestigious national firms such as Lexington Realty Trust, The Related Group, Brookwood Financial Partners, C-III Capital Partners, CWCapital, Midland Loan Services, Wells Fargo and Lone Star Funds. As a result NAI/Merin Hunter more than doubled its year-over-year profits in 2012.
“We are very pleased with the strong growth we experienced in 2012,” said Jordan Paul, Chief Executive Officer of NAI/Merin Hunter Codman, “particularly in regards to the plethora of new strategic alliances established with some of the nation’s top real estate investment management firms. Increasingly, sophisticated market participants are turning to our vertically integrated platform, and the full service it delivers, to maximize value in Florida portfolios. Our increased focus on investment sales added to our banner year, which we believe will be further elevated in 2013 as Florida property markets continue to recover.”
Mr. Paul added that NAI/Merin Hunter Codman is actively looking to expand its team of top brokers and property managers, which is expected to account for the bulk of the firm’s hiring increase in 2013.
2012 highlights for NAI/Merin Hunter Codman include:
- Completed the sale of a 14-building industrial portfolio along Florida’s “Space Coast,” in Melbourne, for $9.25-million;
- Completed the Receivership sale of two mixed-used office/retail properties, totaling 112,000 square feet, Village Center in Delray Beach and Habitat Center in West Palm Beach;
- Negotiated a 29,000 square-foot lease for G4S Government Solutions (formerly Wackenhut Services), at Fairway Office Center in Palm Beach Gardens;
- Negotiated a 40,000 square-foot lease extension for Cingular Wireless, a division of AT&T, at Golden Bear Plaza in North Palm Beach;
- Handled the lease expansion of WCI Lending’s national headquarters, to 32,000 square feet, at 951 Yamato in Boca Raton;
- Completed the sales of two retail buildings, collectively totaling over 41,000 square feet, located in North Palm Beach and Boca Raton and owned by Palm Beach Golf Centers.
In addition, NAI/Merin Hunter Codman continues to make significant inroads into the restaurant/retail niche including sealing a deal for Hamburger Heaven, a Palm Beach icon, to relocate to Waterfront Clematis in West Palm Beach.
“Florida presents a very compelling real estate investment scenario,” added Neil Merin, Chairman of NAI/Merin Hunter Codman. “We see significant opportunities for commercial real estate investors. Markets reached a turning point in 2012, and we expect the recovery begun then to continue for several years, boosted by a housing recovery in Florida combined with low interest rates.”
NAI/Merin Hunter Codman, http://www.mhcreal.com, is one of South Florida’s leading commercial real estate services firms with over three decades of experience advising clients on strategic acquisitions and dispositions and providing landlord representation, tenant representation, property management and construction management services. The firm has expertise in all commercial property sectors including office, industrial, retail, multifamily, hotels and land. NAI/Merin Hunter Codman’s client base includes some of the nation’s most prestigious institutional and private investors, and through the NAI global network it can facilitate property transactions around the nation and the world, serving as a single point of contact for its clients’ counsel and execution. NAI/Merin Hunter Codman is headquartered in West Palm Beach with regional offices in Boca Raton, Palm Beach Gardens and Wellington.