JLL Capital Markets announced that it has closed the sale of a dynamic mixed-use property totaling 120,474 square feet of retail and office space in North Palm Beach.
JLL marketed the property on behalf of the seller, Black Lion Investment Group. A joint venture between Investment Capital Markets and American Commercial Realty Corp acquired the asset for $36.2 million.
Crystal Cove Commons consists of 75,406 square feet of upscale retail and 45,068 square feet of office space on three floors and is leased to a diversified rent roll that includes Cod & Capers; Horizon Yachts, Honey Baked Ham; DSS, Inc.; Domino’s Pizza; STARK Carpet; Fuse Appliances; Chervò USA; Duca Del Cosma; USA Tile & Marble; Stormhouse Brewery; Viper Equity Partners and Cucina Cabana. Crystal Cove Commons was constructed in 1982 and was substantially renovated between 2017 and 2019.
Crystal Cove Commons is situated along US-1 just south of PGA Boulevard and is surrounded by the affluent South Florida residential communities of North Palm Beach and Palm Beach Gardens. The property serves an expanded trade area that includes 137,745 residents earning an average annual household income of $102,783.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle, Senior Director Eric Williams and Director Matthew McCormack. The buyer was represented by Monette Klein-O’Grady and Daniel O’Grady from Prime Sites Inc.
“Palm Beach County is one of the most sought-after markets in the country for real estate investment across property types, and Crystal Cove Commons represented an attractive opportunity to acquire a well-located asset with strong in-place revenue and upside potential,” Williams said. “Black Lion Investment Group did a tremendous job transforming Crystal Cove Commons into one of the premier mixed-use projects in northern Palm Beach and positioning the center for long-term success.”
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