From left: Chris Maling, Donald K. DeWoody Jr., David Maling, and Alfredo Sanchez<\/p>\n
A North Palm Beach mixed-use property hit the market for $44.75 million, amid uncertainty in the office and retail markets.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Avison Youngs Chris Maling, David Maling, Donald K. DeWoody Jr. and Alfredo Sanchez have the listing, according to the release.<\/p>\n
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.<\/p>\n
Office lease rates are $17 a square foot a year, an online listing shows.<\/p>\n
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.<\/p>\n
The sales come despite the strain on the South Florida office market due to employers reliance on remote working amid the pandemic.<\/p>\n
In February, Black Lion sold the 6,900-square-foot space on the ground-floor and mezzanine level of the Four Ambassadors building in Miamis Brickell area to a Turkish entertainment company for $1,232 per square foot.<\/p>\n
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North Palm Beach mixed-use property hits the market for $45M - The Real Deal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" 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. Continue reading