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JONES LANG LASALLE INCORPORATED

(JLL)
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Jones Lang LaSalle Incorporated : Palm Beach County mixed-use retail and office asset trades

11/29/2021 | 03:11pm EST

MIAMI, Nov. 29, 2021 -JLL Capital Markets announced today that it has closed the sale of a dynamic mixed-use property totaling 120,474 square feet of retail and office space in North Palm Beach, Florida.

JLL marketed the property on behalf of the seller, Black Lion Investment Group. A joint venture between Investment Capital Markets and American Commercial Realty Corp acquired the asset.

Crystal Cove Commons consists of 75,406 square feet of upscale retail and 45,068 square feet of office space on three floors. Crystal Cove Commons is leased to a diversified rent roll that includes Cod & Capers; Horizon Yachts, Honey Baked Ham; DSS, Inc.; Domino's Pizza; STARK Carpet; Fuse Appliances; Chervò USA; Duca Del Cosma; USA Tile & Marble; Stormhouse Brewery; Viper Equity Partners and Cucina Cabana. Crystal Cove Commons was constructed in 1982 and was substantially renovated between 2017 and 2019.

Crystal Cove Commons is situated along US-1 just south of PGA Boulevard and is surrounded by the affluent South Florida residential communities of North Palm Beach and Palm Beach Gardens. The property serves an expanded trade area that includes 137,745 residents earning an average annual household income of $102,783.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle, Senior Director Eric Williams and Director Matthew McCormack. The buyer was represented by Monette Klein-O'Grady and Daniel O'Grady from Prime Sites Inc.

"Palm Beach County is one of the most sought-after markets in the country for real estate investment across property types, and Crystal Cove Commons represented an attractive opportunity to acquire a well-located asset with strong in-place revenue and upside potential," Williams said. "Black Lion Investment Group did a tremendous job transforming Crystal Cove Commons into one of the premier mixed-use projects in northern Palm Beach and positioning the center for long-term success."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

Disclaimer

Jones Lang LaSalle Inc. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 20:10:02 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2021 11 002 M - -
Net income 2021 884 M - -
Net Debt 2021 582 M - -
P/E ratio 2021 14,4x
Yield 2021 -
Capitalization 12 404 M 12 404 M -
EV / Sales 2021 1,18x
EV / Sales 2022 1,06x
Nbr of Employees 91 000
Free-Float -
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Number of Analysts 7
Last Close Price 245,77 $
Average target price 326,50 $
Spread / Average Target 32,8%
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Managers and Directors
Christian Ulbrich President, Chief Executive Officer & Director
Karen Brennan Chief Financial & Investment Officer
Siddharth N. Mehta Chairman
Allan Frazier Global Chief Information Officer
Benjamin Breslau Chief Research Officer
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