Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Year Built 1982
Building Area

Property Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer an opportunity to acquire Crystal Cove Commons (the “Property”), a 60,993 square foot upscale retail center located in the highly affluent community of North Palm Beach/Palm Beach Gardens, Palm Beach County, Florida. Originally developed in 1982, the property was substantially redeveloped between 2017-2019 with ±$6.0 million in capital improvements, transforming what was formerly known as Crystal Tree Center into one of the most dynamic mixed-use projects in northern Palm Beach County. The Property is currently 96.63% leased to a diverse, high-quality mix of food & beverage, fitness, high-end service, office, and medical uses, including popular community dining staples Cucina Cabana and Cod & Capers Seafood Marketplace.


This offering represents an exceptional opportunity to acquire a recently redeveloped asset with a secure and well diversified revenue stream on an infill site in a highly coveted South Florida submarket with bankable cash flow and strong NOI growth.


Note: The seller is also marketing for sale the Offices at Crystal Cove Commons simultaneously, which can be purchased individually or as a portfolio with the Crystal Cove Commons.


Investment Highlights

  • Strong NOI Growth Profile - 22.4% projected income growth over 10-year hold (or 2.0% CAGR).


  • Recently Redeveloped - Substantial recent capital improvements minimize the need for major capital outlay in the intermediate term.


  • High Barrier-to-entry location - Irreplaceable infill site in a coastal location with significant barriers-to-entry for large scale retail development.


  • Unique Destination Tenancy - High quality tenancy with a loyal customer base and following draws customers from an extended trade area, including West Palm Beach, Jupiter and Palm Beach Gardens.


  • Optimal Tenant Mix - Ideal tenant mix thoughtfully curated towards the modern-day retail consumer and fully leased to internet resistant retail, high-end service, and food/restaurant uses.


  • Outstanding Demographics - Exceptional demographic profile with 137,745 residents within a 5-mile radius, with an average household income of $102,783.
Last Updated Date: 05 May 2021
Eric Williams
Eric Williams
Senior Director, Capital Markets
License details
FL-SL3179736
Danny Finkle
Danny Finkle
Senior Managing Director, Miami Office Co-Head, Retail Group Leader
License details
FL-SL3043501

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Last Updated Date: 05 May 2021

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