Mhc Property Management Florida
Mhc Property Management Florida – MHCOMMERCIAL REAL ESTATE FUND AND CONTRARIAN CAPITAL MANAGEMENT ACQUISITION OF LAKEWOOD RANCH OFFICE PROPERTY FROM DILWEG COMPANIES – 9000 TOWN CENTER PARKWAY – FOR $20,250,000
West Palm Beach, Fla. – PDF ISSUE MHCommercial Real Estate Fund LLC (“MHC”) a Florida-based discretionary private real estate fund has formed a joint venture with Contrarian Capital Management, LLC (“Contrarian”), a Connecticut-based hedge fund, to acquire 9000 Town Center Parkway, a 101, 312 SF, Class A office building located in Lakewood Ranch, Florida for $20, 250, 000.
Mhc Property Management Florida
Rick Brugge, Mike Davis, Rick Colon and Dominic Montazemi of Cushman & Wakefield represented the seller, The Dilweg Companies, in the transaction with support from Zach Eicholtz and Brooke Tulley. “9000 Town Center is a high quality, Class A office asset in a high barrier to entry location within Lakewood Ranch,” said Brugge.
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9000 Town Center, a two-story building, was originally developed in 1998 as a single-tenant build-to-suit that was solely occupied by TriNet USA, Inc. (NASDAQ: TNET ) until recently. The property is located east of I-75 on 11.28 acres within the master planned community of Lakewood Ranch with a parking ratio of 5.84/1,000 SF.
The 75% occupied property is the fourth acquisition for MHC which was formed in the fall of 2019 by Neil E. Merin, SIOR, CCIM, Jordan Paul and Dung Lam, Principal of West Palm Beach, Florida based NAI/Merin Hunter Codman, Inc. . along with Florida-based real estate veteran Joe Sprouls to acquire income producing properties with strong cash flow potential in dynamic markets in the Southeastern United States. Corey Winsett, MHC’s Director of Acquisitions and Asset Management led the due diligence for MHC working with Grant Fridkin Pearson, PA who served as counsel for the buyer under the direction of Richard Grant and Charles Whittington.
“We are pleased to have successfully closed this transaction in a challenging environment,” said MHC Principal Jordan Paul. “This asset aligns perfectly with the MHCommercial Real Estate Fund’s investment strategy to acquire high quality properties in growing South East markets. The property benefits from the strong creditworthiness of the current lease as well as significant upside from leasing the space currently available in a market that is in very high demand for office space. We are particularly pleased to have an exceptional financial partner who shares our investment thesis.”
The project is representative of an ongoing relationship between MHC and Contrarian regarding value-added office acquisitions in South Florida. Contrarian, a Connecticut-based fund with more than $5 billion in assets under management has been a specialist in opportunistic real estate investing for the past 30 years with one of the most stable management teams in the industry.
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Financing for the project was provided by Servis1st Bank under the direction of SW Florida President Mario Bringas. MHC Principal Dung Lam, who structured the financing with Servis1st Bank stated, “We were pleased to have completed our first loan with Servis1st Bank which will allow us to realize the potential of this asset. We look forward to this being the first of many future deals with Servis1st Bank.”
NAI/Merin Hunter Codman will provide property management with leasing services provided for the new ownership by Steve Horn, CCIM and Principal of Ian Black Real Estate, Inc.
NAI/Merin Hunter Codman, www.mhcreal.com, is one of South Florida’s leading commercial real estate firms with more than three decades of experience advising clients on strategic acquisitions and dispositions and provides landlord representation, tenant representation, property management and construction management services. The firm has expertise in all commercial property sectors including office, retail, industrial, multifamily, hotel 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 real estate transactions across the nation and the world, serving as a single point of contact for client advice and execution her NAI/Merin Hunter Codman is headquartered in West Palm Beach, Florida with regional offices in Boca Raton, Fort Lauderdale, Palm Beach Gardens and Wellington.
Contrarian Capital Management, LLC, www.contrariancapital.com, has been registered with the US Securities and Exchange Commission since 1995 and is also a Qualified Professional Asset Manager with respect to certain of its accounts. Founded in 1995 by Jon Bauer, Janice Stanton and Gil Tenzer, Contrarian is a distressed investment specialist with one of the most stable portfolio management teams in the industry. Contrarian is 100% partner-owned and has a team of highly experienced professionals, many of whom are involved in portfolio management, research, sourcing and trading of our investments. Contrarian maintains global headquarters in Greenwich (CT), with regional investment research offices in London (England) and Hong Kong (China SAR).
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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in more than 400 offices and 60 countries. In 2020, the firm had revenues of $7.8 billion in the core services of property, facilities and project management, leasing, capital markets, valuation, and other services. To learn more, visit www.cushmanwakefield.comCapital Square 1031 has purchased Foxwood Village, a 55+ lifestyle manufactured home community in Lakeland, Fla. The Florida coastal company’s portfolio already includes six four- and five-star, age-restricted manufactured home properties. .
Public records show Kurtell Growth Industries sold the asset for $61.1 million. Walker & Dunlop originated a $31.6 million Fannie Mae acquisition loan that will mature in 2031.
Located at 4700 Foxwood Blvd. spanning 69 acres, Foxwood Village includes 350 homesites and was 98.6 percent occupied as of March. The community is less than 2 miles from several retail and dining options at Lakeland Square Mall, as well as 4 miles from Lakeland Regional Medical Center. In addition, Foxwood Village offers a direct connection to Tampa and Orlando through its proximity to Interstate 4. The community has several amenities including an indoor sauna, heated pool and fitness center.
Capital Square 1031 will spend $3.5 million on community improvements, according to the company’s Chief Strategy and Investment Officer Whitson Huffman. Foxwood Village boasts high occupancy and added value potential due to its substantially lower rents—about 20 percent below the market average—Huffman noted.
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Florida closed 2020 as the most active state in terms of manufactured home transaction volumes, a recent NorthMarq report found. Additionally, according to Capital Square 1031 Founder and CEO Louis Rogers, manufactured housing communities in Florida are among the safest assets in the nation due to strong rent growth and little to no vacancy, making them a hedge. excellent against inflation.Wellington Reserve provides move-in ready office, medical and retail space in a prime location in the Western Communities. Join prestigious tenants, including Comerica Bank and Premier Family Health & Wellness, in this well-maintained, multi-building professional park. Property amenities include an on-site cafe, fiber optic cables, free valet parking with ample parking, signage opportunities, and more. The park enjoys a high visibility position on the west side of State Road 7, just north of Forest Hill Boulevard – with over 51,000 cars passing by every day! Wellington Reserve boasts a convenient location minutes from the Florida Turnpike and is surrounded by superior retail and medical facilities, including the Mall at Wellington Green and Wellington Regional Medical Center.
Call Jason Sundook at 561-471-8000 to learn more about renting professional space in this prime Wellington/Royal Palm Beach location!
This property is managed and leased by NAI/Merin Hunter Codman, one of South Florida’s leading commercial real estate firms and the largest in Palm Beach County. NAI/Merin Hunter Codman has more than 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, hotel and land. To learn more about our services click here.
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