November 2, 2016
The Crystal Tree Centre retail and office complex in North Palm Beach, FL sold to Los Angeles-based Black Lion Investment Group for $14 million. The unidentified Rancho Cucamonga, CA seller disposed of the 121,629 square-foot asset for less than the $16 million paid in 2005.
The mixed-use property at 1201 U.S. Highway 1 is situated on 7.9 acres, and came to market in 1982. It boasts 76,910 square feet of retail space, 44,719 square feet of offices and covered parking. Ivo Tsinev with Colliers International South Florida brokered the deal. Colliers also has the property’s leasing assignment.
According to Tsinev, Black Lion Investment specializes in buying and repositioning properties.
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