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.
- 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.