Black Lion is pleased to announce the sale of Crystal Cove Commons, an upscale retail center encompassing more than 120,474 square feet in the highly affluent community of North Palm Beach, Florida, to Rick Baer. The sale was completed on November 23 for $36,235,000, about $300 per square foot. The property is home to a diverse mix of high-quality dining outlets, fitness centers, and offices of high-end services and medical providers. Notable tenants include Stormhouse Brewing, Cod & Capers Seafood Marketplace & Café, Cucina Cabana, Horizon Yacht USA, and Fuse Speciality Appliances, among others.
“The buyer will be able to build upon Black Lion’s work to improve this asset over the last several years,” said Robert Rivani, president of Black Lion. “Our substantial investment in transforming Crystal Cove Commons from a neighborhood shopping center into an outdoor dining and retail experience will behoove the new owners who will enjoy reliable rent income for years to come.”
Black Lion Investment Group purchased Crystal Cove Commons in 2017 for $14,000,000 and invested millions of dollars into capital improvements to transform the property into one of the most appealing shopping and office centers in northern Palm Beach County. Eric Williams, Senior Director of Capital Markets with JLL’s Miami office, facilitated the transaction.