Spencer Grossman Named NAI/Merin Hunter Codman’s Broker of the Year

Written by on March 20, 2013 in News - 1 Comment

NAI/Merin Hunter Codman, Inc., announced that Spencer Grossman, Senior Commercial Associate at NAI/Merin Hunter Codman, has been named the firm’s Broker of the Year.

Grossman closed a plethora of noteworthy commercial property transactions in Palm Beach County, helping to continue the firm’s stretch as the county’s top ranked commercial property brokerage firm. Grossman’s high production included several alternative uses for distressed assets, providing renewed optimism that imaginative solutions will help clear the backlog of properties on the market.

Grossman continues the strong precedent set by his father, Jay M. Grossman, who helped found NAI/Merin Hunter Codman with Neil E. Merin more than 20 years ago and grew it into one of the most respected commercial property brokerage firms in the state.

“Spencer Grossman came up with creative solutions that allowed him to close numerous challenging deals over the past year,” said Jordan C. Paul, Chief Executive Officer of NAI/Merin Hunter Codman. “Spencer’s ability to understand both market dynamics and the key financial drivers that create value enabled him to come up with unique ideas that maximized value for our clients.”

In one of the innovative transactions orchestrated by Grossman, he arranged the sale of a large, 50,000 square-foot furniture showroom to a charter school. Mavericks High, a statewide charter school consortium headed by Francis Biden, the brother of the United States Vice President, took over the property once occupied by Carl’s Furniture at 1889 Palm Beach Lakes Boulevard in West Palm Beach. Grossman also arranged the sale of The Habitat Center, a 62,000 square-foot retail/office center at 4047 Okeechobee Boulevard in West Palm Beach to an affiliate of the Schumacher Auto Group. Furthermore, he arranged the sale of an office building whose anchor tenant became a diagnostic imaging center, in yet another innovative transaction. Grossman was also instrumental in relocating the iconic Palm Beach restaurant Hamburger Heaven to a new location on the waterfront in West Palm Beach.

Spencer Grossman, who joined NAI/Merin Hunter Codman in 2010, is optimistic about the future of commercial real estate in South Florida. “The risk appetite of commercial property investors and users is returning,” said Grossman. “The opportunistic ‘first movers’ that often lead market recoveries are recognizing the value to be gained with South Florida real estate. The economy improving, together with a lack of developable land, has led to momentum in the residential property sector. Retail is close on its heels with an office recovery expected to follow suit.”

Grossman noted that the attractive pricing of distressed assets — often acquired in default by financial institutions — has allowed new owners/tenants the wherewithal to bear lower occupancies than usual while waiting on a further market recovery. He expects to announce a large retail property sale in Palm Beach County this quarter with more to follow in adjacent counties.

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