UPDATED, November 23, 6:30 p.m .: American Commercial Realty acquired a mixed-use property in North Palm Beach in a deal that closed around $ 9 million below list price.
The Palm Beach Gardens-based commercial real estate company paid $ 36.2 million for 7.9 acres on 1201 US Highway 1. The property, named Crystal Cove Commons, has 75,000 square feet of retail space on the ground floor alongside a four-story 1982 office block Records.
The seller is Black Lion Investment Group, a Beverly Hills, California-based commercial real estate company headed by Robert Rivani.
The property was originally listed by another brokerage firm in October 2020 for $ 44.8 million. JLL’s Eric Williams represented Black Lion on the sale.
Black Lion is still making a sizeable return on its investment, selling the site for $ 22 million above the price it paid five years ago. In 2016, Black Lion bought Crystal Cove for $ 14 million, records show. Rivani’s company invested “millions of dollars in capital improvements” in the 120,474 square foot complex between 2017 and 2019, according to a press release.
Crystal Cove is home to a diverse mix of restaurants, fitness centers, and offices of high-end services and medical providers, the press release said. Tenants include Stormhouse Brewing, Cod & Capers Seafood Marketplace & CafÃ©, Cucina Cabana, Horizon Yacht USA, and Fuse Specialty Appliances.
American Commercial Realty was founded in 2002 by President and COO Richard Baer. Before starting his real estate company, Baer was Vice President and Director of Real Estate at Baer’s Furniture Company, based in Pompano Beach. According to the American Commercial website, he led an expansion of the furniture business from five stores and one warehouse in two counties to 14 stores and four warehouses across South Florida.
Palm Beach County has seen a boom in the office building industry recently. Last month, a subsidiary of Atlanta-based investment management firm Jordan Capital AM paid $ 12.4 million for Palm Gate Plaza, an office and retail hub in West Palm Beach. Irvine, Calif., IRA Capital bought an outpatient center in Boca Raton for $ 16 million. And Trian Partners acquired an office building in Palm Beach as part of a $ 23 million deal.