JLL Capital Markets closes sale of Crystal Cove Commons in North Palm Beach, FL

 Daniel O'Grady
and Monette Klein-O’Grady

 

  MIAMI, FL – JLL Capital Markets 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.

Danny Finkle

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.

Eric Williams 

 “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.”

 

 About Black Lion Investment Group

Black Lion Investment Group is a privately held commercial real estate investment firm led by President Robert Rivani.

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. 

Matthew McCormack

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.

 CONTACT:

Kimberly Steele

JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 jll.com.