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

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.