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

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.

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