West Palm Beach CCIM Leads Sale of Former CVS that Fetches $243 PSF

NAI/Merin Hunter Codman, Inc.’s Chairman Neil E. Merin, SIOR, CCIM and Principal Spencer S. Grossman recently executed the $2,725,000 sale of 10055 Yamato Road in Boca Raton.

Merin and Grossman represented the seller, Kimberly Estates II LLC, in the sale of the 11,200-square-foot former CVS building constructed on 1.30 acres. Andy Mandel a Broker with RE/MAX Advisors represented the purchaser, Nexgen Legacy Group LLC.

Grossman reported, “Our client, which had owned the property for nearly 12 years, was ready to dispose of the asset as it no longer fit their investment criteria. The day the property hit the market multiple offers were received and we were able to negotiate a great deal for our client. The property traded for just under the asking price as it is rare to find well-built buildings on hard corners in Boca Raton.”

Merin added, “Maximum asset value, despite vacancy, is the highlight of this transaction. Through NAI/Merin Hunter Codman’s three decades of local market expertise we were able to correctly price and position the asset which ultimately allowed us to find the right buyer.”

Nexgen Legacy Group, LLC, plans to convert a portion of the property for its own businesses and build-out an executive suite operation in the remainder of the space.

Merin, CCIM, is a long-time member of the Florida CCIM Chapter’s East Coast District. He is a commercial real estate expert with a broad background in all phases of commercial real estate work, including investment sales, tenant representation, site acquisition, development consulting, corporate facilities, and industrial facilities.

Merin’s specialty within the commercial real estate field involves the sale and leasing of office and retail facilities. Over the past 20 years, Merin has represented both owners and tenants in over 30,000,000 square feet of property negotiations representing over $7 billion in real estate transactions. Merin is the founder and Chairman of NAI Merin Hunter Codman, Inc., a property management company in West Palm Beach is currently responsible for managing 5,000,000 square feet of office and retail space and, in addition, is the largest commercial real estate firm in Palm Beach County.