Palm Beach County mixed-use retail and office asset trades
JLL Capital Markets closed the sale of Crystal Cove Commons in North Palm Beach
MIAMI, Nov. 29, 2021 – JLL Capital Markets announced today 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, Florida.
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.
Crystal Cove Commons consists of 75,406 square feet of upscale retail and 45,068 square feet of office space on three floors. Crystal Cove Commons 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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Black Lion Investment Group
Black Lion Investment Group is a privately held commercial real estate investment firm led by President Robert Rivani. The firm’s current projects include the development and redevelopment of retail, hospitality, and mixed-use assets in several high-growth markets. Black Lion’s distinctive portfolio includes such high-profile projects as a transformation of the Wynwood Jungle in the coveted Wynwood Arts District, the popular waterfront restaurant Amara at Paraiso, the complete reimagining of the Brickell Bay Boardwalk, and most recently, the introduction of a chic restaurant concept at SLS Lux Brickell. Additionally, Black Lion recently renovated the Crystal Cove Commons luxury mixed-use retail and office center in North Palm Beach. The firm is aggressively pursuing additional real estate investments in South Florida that align with its strategy to deliver top-notch dining, retail and nightlife experiences to the booming South Florida market. For more information about the firm and its portfolio of properties please visit BlackLion.inc.
About Investment Capital Partners
Investment Capital Partners (ICP) is a commercial real estate firm that specializes in traditional and unique real estate investment opportunities. ICP and its affiliates, Investment Capital Management, LLC and Property Services Group, LLC, provide property management, asset management and construction management services. Affiliates of ICP develop, own and/or manage properties in New Jersey and Connecticut, including Glastonbury, New Canaan, Westport, Southport, Fairfield, Wallingford, Farmington, Middletown, Shelton, Avon, New London and East Lyme.
About American Commercial Realty Corp
American Commercial Realty Corporation (ACR) provides acquisition, redevelopment, leasing, property management and construction management services to affiliate-owned properties as well as third parties. ACR currently oversees more than 2,500,000 square feet of commercial space and residential in the eastern half of the United States. ACR combines national expertise and local knowledge to deliver favorable results for merchants and property owners. Since 2002, ACR has acquired and developed for itself, affiliates and clients, properties in Florida, the southeastern U.S. and throughout the Midwest.