Veteran commercial real estate broker Neil Merin posted a huge year in 2017. He handled three of the eight largest office deals brokered nationwide last year by members of the Society of Industrial and Office Realtors.
Alas, Merin isn’t expecting a repeat this year, largely because many of Palm Beach County’s trophy properties already have sold in the past few years.
“It’s almost like there’s nothing left to sell right now,” Merin said. “There’s so little inventory that’s less than two years old in terms of the most recent sale, so I don’t think I’m going to have as good a year in 2018 as I did in 2017.”
Merin, chairman of NAI/Merin Hunter Codman in West Palm Beach, handled three high-profile sales last year that ranked among the top eight on SIOR’s list:
- The $64.5 million sale of the 245,000-square-foot Golden Bear Plaza in North Palm Beach
- The $62.3 million sale of an interest in a 245,673-square-foot property in Palm Beach Gardens.
- The $54.5 million sale of the 241,000-square-foot Fountain Square in Boca Raton.
Underscoring Merin’s point, downtown West Palm Beach trophy towers such as Phillips Point, Esperante and CityPlace Tower have changed hands in recent years.