NAI/Merin Hunter Codman Names Spencer Grossman Broker of Year

NAI/Merin Hunter Codman, Inc. announced that Spencer Grossman, Director of Retail Services, has been named the firm’s 2014 Broker of the Year.
Mr. Grossman closed a plethora of noteworthy deals, pointing to increasing momentum occurring in South Florida commercial real estate markets in general.
Grossman co-brokered the sale of a prime, $13.5-million waterway parcel in Palm Beach Gardens (former site of Panama Hatties) that is expected to become a mixed-use condominium/retail complex with a possible hotel component. Grossman says the deal is indicative of rising land sales in South Florida as capital once again seeks footholds of growth in prime markets. Strong interest was also focused on adaptive reuse of commercial properties. Grossman negotiated the purchase of a Pompano warehouse that will be converted into a Boomers Volleyball Academy, as well as the sale of a former big-box furniture store in North Palm Beach, Carl’s, which will be converted into an outdoor/fisherman’s paradise for Bass Pro Outdoor World.
 

“Spencer Grossman continually applies creative solutions to commercial real estate, and those solutions are successfully transitioning properties from soft real estate cycles to emerging upward cycles,” said Jordan C. Paul, Chief Executive Officer of NAI/Merin Hunter Codman. “Spencer’s ability to understand both market dynamics and key financial drivers has resulted in maximized value for our clients.”

 
Neil Merin, Chairman of NAI/Merin Hunter Codman, worked in tandem with Grossman representing property ownership in the Palm Beach Gardens and North Palm Beach sales.
The sale of the Palm Beach Gardens parcel, off PGA Boulevard along the intracoastal, was especially complicated. The transaction involved the Merin-Grossman brokerage team helping to formulate best-use concepts with architects and urban planners, and addressing water rights as well as re-zoning approvals. The parcel was purchased by an affiliate of Allied Capital & Development, which recently sponsored the mixed-use development of Jupiter’s waterfront, Harbourside Place.
The Pompano transaction, which closed near year-end 2014, involved the $2 million sale of a 15,000 square-foot industrial building and expansion land at Centerport Industrial Park, off I-95 at Sample and Copans Roads. Boomers Volleyball Academy, the premier girls volleyball club in South Florida, is expected to open at the location in first quarter 2015. The $5.5-million sale of Carl’s Furniture, which had been in foreclosure, closed in early 2014. Bass Pro is expected to announce further plans for the 76,000 square-foot property shortly.
 

“For the first time in years, South Florida is seeing rising activity in new construction and redevelopment outside of the multifamily sector,” added Spencer Grossman, Director of Retail Services at NAI/Merin Hunter Codman. “New owners and investors who envision and implement adaptive reuse of commercial properties will especially be poised to benefit from improving markets given their low cost-basis, in many cases.”

 
In addition to sales transactions, Grossman negotiated numerous commercial property leases in 2014 including one for a CrossFit gym that will soon occupy 3,500 square feet of ground-floor space at Casa Costa, Related Group’s 395-unit luxury condominium complex in Boynton Beach (at the corner of Boynton Beach Boulevard and US 1). He also sought out a creative concept for first-floor retail space at Waterfront Clematis (101 N. Clematis St.), signing on Phoenix Salon Suites. The burgeoning franchise, which has over 100 locations nationwide, will occupy 6,100 square feet, and follows a business model similar to office executive suites — but with independent salon professionals conducting their businesses from the suites.
 

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