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1201 U.S. 1, North Palm Bea...

Rick Baer Acquires Mixed-use Property In North Palm Beach For $36.2M
SOLDMixed-use

Rick Baer Acquires Mixed-use Property In North Palm Beach For $36.2M

1201 U.S. 1, North Palm Beach, FL, USA

$36,235,000

$300/SF

Building Size

120,474 SF

Asset Type

Mixed-use

Closing

Nov 23, 2021

AI

The mixed-use property located at 1201 US-1 in North Palm Beach has been sold for a price of $36,235,000. The property spans 120,474 square feet, resulting in a price per square foot of $301. The transaction took place on November 23, 2021. The buyer of the property is Rick Baer, while the seller is Robert Rivani, who represents Black Lion Investment Group. Eric Williams from JLL served as the broker in the deal.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $36,235,000
  • Address: 1201 US-1, North Palm Beach
  • Market: North Palm Beach
  • Buyer: Rick Baer
  • Seller: Robert Rivani - Black Lion Investment Group
  • Broker: Eric Williams - JLL
  • Square Footage: 120,474
  • Price per Square Foot: $301

Black Lion Investment Group acquired Crystal Cove Commons in 2017 for $14,000,000. They invested significant funds into capital improvements, transforming the property into an appealing shopping and office center in northern Palm Beach County. The property is now an outdoor dining and retail experience. Robert Rivani, the president of Black Lion Investment Group, expressed confidence that the new owners will benefit from their previous work and enjoy reliable rental income for years to come.

Players

Eric Williams

Newmark

Broker

$2.8B

vol

53 deals

Broker

Rick Baer

Buyer

$175M

vol

6 deals

Buyer
Robert Rivani

Robert Rivani

Black Lion

Seller

$512M

vol

53 deals

Seller

North Palm Beach Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.44%

Cash-on-Cash

-0.13%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93