North Palm Beach mixed-use property hits the market for $45M

Miami /
Oct.October 07, 2020 09:45 AM
From left: Chris Maling, Donald K. DeWoody Jr., David Maling, and Alfredo Sanchez

From left: Chris Maling, Donald K. DeWoody Jr., David Maling, and Alfredo Sanchez

A North Palm Beach mixed-use property hit the market for $44.75 million, amid uncertainty in the office and retail markets.

The 118,000-square-foot complex at 1201 U.S. Highway 1 is on 7.9 acres, according to a press release. Called Crystal Cove Commons and Crystal Tree, the property features 75,000 square feet of ground-floor retail next to a four-story office building.

An affiliate of Black Lion Investment owns the complex, which was built in 1982. The Beverly Hills-based commercial real estate firm is led by Robert Rivani.

Avison Young’s Chris Maling, David Maling, Donald K. DeWoody Jr. and Alfredo Sanchez have the listing, according to the release.

Black Lion bought the complex in 2016 for $14 million, or $120 per square foot, and renovated it two years later. The property, now asking about $379 per square foot, is 90 percent occupied. Tenants include a Tervis store, Cod & Capers Seafood Marketplace and Cafe and the BioMetrix clinic and gym.

Office lease rates are $17 a square foot a year, an online listing shows.

Recent office sales in Palm Beach County include $49.8 million for a Palm Beach Gardens office complex built by Jack Nicklaus’ development company and $80 million for the DiVosta Tower, also in Palm Beach Gardens.

The sales come despite the strain on the South Florida office market due to employers’ reliance on remote working amid the pandemic.

In February, Black Lion sold the 6,900-square-foot space on the ground-floor and mezzanine level of the Four Ambassadors building in Miami’s Brickell area to a Turkish entertainment company for $1,232 per square foot.


Related Articles

arrow_forward_ios
Dr. David R. Campbell (inset) and Mark Egan with13943 Chester Bay Lane (Florida Spine Center, Mark Egan, Google Maps)

Spine surgeon sells waterfront North Palm Beach home for $6M

Spine surgeon sells waterfront North Palm Beach home for $6M
20200 West Dixie Highway, Miami with Harry Dornbusch and Dr. Joshua Lampert (Google Maps)

Aventura office condo owners allege construction defects at Beacon Tower

Aventura office condo owners allege construction defects at Beacon Tower
Commissioner Ricky Arriola (iStock)

Miami Beach asks for offers to develop lots near Lincoln Road

Miami Beach asks for offers to develop lots near Lincoln Road
Lexington Realty Trust's Wilson Eglin and 5600 Broken Sound Boulevard, Boca Raton (Google Maps)

HSBC to take over Boca Raton office building following foreclosure auction

HSBC to take over Boca Raton office building following foreclosure auction
Bill Morris of Southcoast, and a rendering of the project (Credit: RLC Architects)

Developers propose multifamily mixed-use project in Boynton Beach

Developers propose multifamily mixed-use project in Boynton Beach
Javier Lopez and 2525 Ponce de Leon Boulevard, Coral Gables (Credit: Google Maps)

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic
13951 Chester Bay Lane, North Palm Beach (Courtesy of Douglas Elliman) 

Insurance exec sells waterfront North Palm Beach home for $7M

Insurance exec sells waterfront North Palm Beach home for $7M
Scott Sharp and 13209 Rolling Green Road (Getty, Realtor)

Race car driver sells waterfront North Palm Beach home for $5M

Race car driver sells waterfront North Palm Beach home for $5M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...