North Palm Beach Mixed-Use Property Sells for $36.2M to Rick Baer
Crystal Cove Commons, a mixed-use property in North Palm Beach, has been sold for $36.2M to Rick Baer by Black Lion Investment Group and Robert Rivani.
Crystal Cove Commons, a mixed-use property located at 1201 US-1 in North Palm Beach, has been sold for 36,235,000 to Rick Baer. The property was previously owned by Black Lion Investment Group and Robert Rivani, who purchased it in 2017 for 14,000,000. Since then, the owners 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.
The property spans 120,474 square feet and was sold at a price per square foot of $301. The sale was brokered by Eric Williams of JLL, who represented the seller in the transaction.
Crystal Cove Commons is a mixed-use property that includes both retail and office space. The property is located in a prime location in North Palm Beach, which is known for its affluent residents and high-end shopping destinations. The property is also located near major highways, making it easily accessible to residents and visitors alike.
The property is anchored by several well-known tenants, including Publix, Starbucks, and Bank of America. The property also includes several other retail and office tenants, making it a popular destination for both shopping and business.
Rick Baer, the buyer of the property, is a well-known real estate investor who has been active in the South Florida market for many years. Baer is known for his expertise in identifying undervalued properties and turning them into profitable investments.
Overall, the sale of Crystal Cove Commons represents a significant transaction in the North Palm Beach market. The property’s prime location, strong tenant mix, and recent capital improvements make it a highly desirable asset for investors looking to enter the market. With the sale of this property, it is clear that the North Palm Beach market continues to be a strong and attractive destination for real estate investors.