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Crystal Cove Commons Foretells a New Future with $36M Sale
Black Lion has sold Crystal Cove Commons, a retail center encompassing more than 120,474 square feet in North Palm Beach, FL, to Rick Baer. The sale was completed for $36.2 million, or about $300 per square foot.
Eric Williams, senior director of capital markets with JLL’s Miami office, facilitated the transaction.
Black Lion Investment Group purchased Crystal Cove Commons in 2017 for $14 million and invested millions more into capital improvements to transform the property.
“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.”
The property is home to a mix of restaurants, fitness centers, offices and medical providers.
- ◦Sale/Acquisition
