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Boca Raton News

ARTICLE

Date ArticleType
8/14/2018 General
Hollywood Commerce Center Sells for $7,350,000

For immediate release:
August 14, 2018
Melissa Beier
NAI/Merin Hunter Codman
Phone: 561-471-8000
mbeier@mhcreal.com

Hollywood Commerce Center Sells for $7,350,000 to New York Developer/Re-Developer -- NAI/Merin Hunter Codman represented the purchaser of Hollywood Commerce Center --

West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., Palm Beach County’s leading commercial real estate services firm, represented Avid Asset Properties Hollywood, LLC, an entity controlled by noted New York investor Steven Samuels, in the purchase of Hollywood Commerce Center. The 60,000-square foot flex property sits on 2.5 acres and is located at 3301 N 29th Avenue, 3300 N 28th Terrace and 2850 Green Street, Hollywood, FL 33020. NAI/Merin Hunter Codman Principal, Spencer Grossman and Senior Associate, Jeff Cebula represented the purchaser. The Seller, OTW II, LLC was represented by Ted Konigsberg, SIOR of Infinity Commercial Real Estate.

Mr. Samuels, Principal of Avid Asset Management in New York and Zoning Commissioner of the Village of Atlantic Beach, New York, has redeveloped hundreds of thousands of square feet of commercial properties in the Brooklyn, Holbrook, Lake Success and Long Beach, New York city markets.

Jordan Paul, CEO of NAI/Merin Hunter Codman said, “Outstanding teamwork and customer service matched a quality investor with a budding redevelopment opportunity. Jeff Cebula, who recently joined the firm after relocating from New York, had a client looking to secure a redevelopment investment opportunity in the South Florida market as part of a 1031 Exchange. To best serve his client, Jeff partnered with NAI/Merin Hunter Codman Principal and strategic advisory expert, Spencer Grossman. Spencer worked to identify area investment properties, negotiate and finally execute the transaction. This is a perfect example of NAI/Merin Hunter Codman's team approach providing expert advisory and maximum value to property investors, locally and nationally.”

Hollywood Commerce Center, located across I-95 from Oakwood Plaza and the under- construction Dania Point development, was built in 1968 and recently renovated. The two-story property is fully air conditioned, offers large electric capacity, 8 dock-high doors, up to 24-foot clearance in the distribution space and features showroom and retail components. The second floor consists of elevator serviced offices.

About NAI/Merin Hunter Codman NAI/Merin Hunter Codman, 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, retail, industrial, multifamily, hotels and land. NAI/Merin Hunter Codman’s client base includes some of the nation’s most prestigious institutional and private equity investors. Operating as part of the NAI Global network, NAI/Merin Hunter Codman can facilitate property transactions around the nation and the world, serving as a single point of contact for its
clients’ counsel and execution. NAI/MerinHunter Codman is headquartered in West Palm Beach, Florida with regional offices in Boca Raton, Palm Beach
Gardens and Wellington.