Avison Young announces opportunity to acquire Crystal Cove Commons, a best-in-class, luxury retail/office property in North Palm Beach, FL6 Oct 2020
North Palm Beach, FL – On behalf of its seller client, Avison Young Principals Chris Maling and David Maling of the Maling-Barnes Team and Principal Donald K. DeWoody, Jr. and Alfredo Sanchez are pleased to announce they have brought to market Crystal Cove Commons, a luxury, best-in-class retail/office property located at 1201 U.S. Highway 1 in North Palm Beach, FL.
Situated on nearly 7.9 acres and totaling just over 118,000 square feet (sf), Crystal Cove Commons includes 75,249 sf of ground floor multi-tenant retail adjacent to a four-story, elevator-served office building. The newly renovated asset is being offered at $44.75 million.
Built in 1982 with a major renovation executed in 2018, the property is approximately 90 percent occupied by a diverse mix of quality retail and office tenants. It features ample surface and covered parking, attractive common areas, excellent street visibility, and building signage.
“Crystal Cove Commons provides a new buyer with a rare opportunity to acquire an upscale, institutional-quality, generational asset in one of Florida’s premier coastal communities that continues to see population growth and capital infusion,” said Chris Maling.
He added, “The offering also presents future redevelopment opportunities as well as an immediate upside by leasing up the vacant space. All the desired key real estate fundamentals are in this center, and we believe we will garner a significant amount of interest from investors throughout the country and overseas.”
Crystal Cove Commons is situated within an affluent North Palm Beach neighborhood with the average annual household income at $116,000. It is within walking distance to North Palm Beach Country Club, Old Port Cove, and world-class beaches, among other amenities. It is also directly across the street from Water Club Towers, a premier luxury waterfront residential community where residences range from $1.3 to $3 million.
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For more information:
- Darcie Giacchetto, Places Public Relations, 949.278.6224