Church property sold in Tequesta for $600,000

TEQUESTA, FL—The church located at 46 Willow Road in Tequesta sold Monday for $600,000. The 2.41-acre property includes three buildings built between 1966 and 1984 totaling 12,264-square-feet. The church was once occupied by Christ the King Evangelical Lutheran Church. The buyer, Eparchy of Saint Maron of Brooklyn, was represented by Farris Joseph and will take immediate occupancy. Nikolaus M. Schroth with NAI Southcoast represented the seller as exclusive listing agent.

About NAI Southcoast

Headquartered in Stuart, NAI Southcoast provides a full spectrum of services available to regional, national and international clients via our global network of independent commercial real estate brokerage companies. These include dispositions, leasing, management and receiver work for Industrial, Office, Retail, Investment and Land properties. The firm also represents Tenants and Owners and currently manages nearly 730,000 SF of commercial property. For more information about NAI Southcoast, please visit www.naisouthcoast.com or connect with us on Facebook, LinkedIn, Twitter and Google+.

About NAI Global

NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 350 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com.

NAI Southcoast expands presence on the Treasure Coast

NAI Southcoast, a commercial and industrial real estate firm based in Stuart, announced today the addition of a Fort Pierce brokerage to its network. The new office is located at 800 Virginia Ave., Suite 38A.

Headquartered in Stuart, NAI Southcoast provides a full spectrum of services available to regional, national and international clients via our global network of independent commercial real estate brokerage companies. These include dispositions, leasing, management and receiver work for Industrial, Office, Retail, Investment and Land properties. The firm also represents Tenants and Owners and currently manages nearly 730,000 SF of commercial property.

NAI Southcoast President Boyd Bradfield said the expansion into Fort Pierce is part of the company’s ongoing commitment to enhance client services.

“The addition of the Fort Pierce office aligns with our strategy to continue to grow our full-service platform, which includes asset and property management for assignments all along the Treasure Coast,” he said.

NAI Southcoast is also seeking one or two experienced commercial brokers to assist in covering St. Lucie and Indian River Counties. Interested candidates should submit resumes to scoast@naisouthcoast.com.

NAI Global’s Chief Economist sees unprecedented global government intervention in his latest white paper

In his latest white paper, “Unprecedented Global Government Intervention,” NAI Global Chief Economist, Dr. Peter Linneman, discusses the dangers and pitfalls of the extraordinary wave of global government intervention we are currently witnessing in capital markets.

Stuart-based NAI Southcoast represents NAI Global in Martin, St. Lucie and Indian River counties.

Citing historical examples, Linneman demonstrates that intervention leads to prolonged periods of stagnation and uncertainty; “In all, government activity is now deterring the very investment it was hoping to spur.”

“As we enter the third quarter of 2012, we are seeing the pattern of unprecedented government intervention continue,” states Dr. Linneman. “Governments around the world are using the powerful tools at their disposal; spending, regulations, fiscal policy, and taxes to interfere with the free market in hope of sparking economic recovery. The result is that instead of recovery, we are experiencing further distress as the Euro crisis intensifies and even Brazil and China’s economies slow.”

On the U.S. economy, Dr. Linneman notes, “the irony is that the belief in big government is occurring even as trust in the U.S. government (and most other governments) is near an all-time low.” He adds,

“Huge deficit spending causes private spending to decline as the private sector realizes that it has a greater future tax liability of equal magnitude. We have witnessed this in the U.S., almost dollar-for-dollar in deficit spending.”

The white paper also addresses the historical cause and effects of regulatory intervention, unemployment statistics, and the upcoming Fiscal Cliff set to unfold in January 2013.

Unprecedented Global Government Intervention follows Global Economic Round-Up where Dr. Linneman evaluated the state of the global economy in Europe, Asia and the United States, including the impact of the continuing European debt crisis, the rise of China and India and the current state of the U.S. economic recovery. The paper is available for free download at www.naisouthcoast.com.

Stuart Duffin of NAI Southcoast awarded CLS designation

Duffin

Stuart Duffin, a sales associate with NAI Southcoast, was officially recognized by the International Council of Shopping Centers (ICSC) as a Certified Leasing Specialist on May 18.

The designation reflects the high standards and expertise that are required on a day-to-day basis to be a successful shopping center professional.

Founded in 1994, the CLS program was designed to elevate professional standards, enhance individual performance and designate those who demonstrate knowledge essential to the practices of shopping center leasing. The CLS certification is designed to set the individual apart from other professionals and establishes them as a leader in their field. CLS designees must have at least four years of experience in shopping center leasing and pass a comprehensive exam.

The CLS designation is in addition to the Certified Commercial Investment Member (CCIM) designation Duffin has previously been awarded.

14,200 SF Office/Warehouse Space Sold in Stuart

NAI Southcoast sold a 14,200-square-foot freestanding building located at 2951 Dominica Terrace in Stuart May 11, 2012. The property, located off U.S. 1 in Stuart’s industrial area, was sold by WGTJ, Inc. to Quorum Marine & Electronics, Inc. for $675,000.

Boyd Bradfield and Stuart Duffin of NAI Southcoast brokered the sale after navigating an extensive short sale process that involved negotiating with two lenders Bank Atlantic and SBA. Daniel Haggerty of Mariner Title was instrumental in his work to complete the sale.

“It was a long process but everyone was very professional in working towards the common goal of getting this closed,” Duffin said.

Quorum Marine & Electronics, Inc. also known as Ocean Breeze, is a 20-year-old, Stuart-based business that manufactures marine-grade industrial and commercial A/C systems. Co-owner Carolyn Baruch said the company plans to buy new equipment and expand its staff in the near future.

Freestanding building sold in Palm City

The 3,998-square-foot freestanding building located at 995 SW Martin Downs Boulevard in Palm City sold earlier this month. The property, located just west of the Palm City Bridge, was sold by Shaher Barghouthy. Douglas Legler of NAI Southcoast brokered the sale after an extensive seven-month marketing campaign.

“The new owners plan to substantially renovate this property in accordance with the goals of the CRA and the community,” Legler said. “This will, in turn, improve the appearance of this highly-trafficked gateway into Palm City.”

Virginia Avenue Plaza in Fort Pierce sold to local buyer

Virginia Avenue Plaza, located at 800 Virginia Avenue in Fort Pierce, has sold. The 53,000- square-foot neighborhood shopping center, previously owned by H & H, LLC, was sold to Virginia Plaza, LLC.

The property was listed for just three months before being placed under contract and closed within 45 days. Nikolaus M. Schroth of NAI Southcoast represented the seller and Bryan Grunbaum, also of NAI Southcoast, represented the buyer in the transaction.

The new owners have been locally involved in commercial properties for more than 30 years. NAI Southcoast, who has managed, leased and brokered commercial properties on the Treasure Coast for more than 30 years, will handle the management and leasing for the shopping center.

Spaces are available for lease. Please contact Bryan Grunbaum at 772-286-6292 for additional information.