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Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer an opportunity to acquire Offices at Crystal Cove Commons (the “Offering” or “Property”), a 59,481 square foot office building located in the highly affluent community of North Palm Beach/Palm Beach Gardens, Palm Beach County, Florida. The Property is comprised of 45,910 square feet of office space and 13,571 square feet of ground floor retail on four floors that is currently 85.1% leased. Originally developed in 1982, the property was substantially redeveloped between 2017-2019 with ±$6 million in capital improvements, transforming what was formerly known as Crystal Tree Center into one of the most dynamic mixed-use projects in northern Palm Beach County..
This offering represents an exceptional opportunity to acquire a well-located office asset on an infill site in a highly coveted South Florida submarket with exceptional actionable value-add potential and long-term densification potential at pricing significantly below replacement cost.
Note: The seller is also marketing for sale the retail component of Crystal Cove Commons simultaneously, which can be purchased individually or as a portfolio with the Offices at Crystal Cove Commons.
- Compelling NOI Growth - Exceptionally strong NOI growth profile with 84.1% projected income growth over a 10-year hold or a 6.3% CAGR
- Tremendous Upside Potential - Significant upside potential via-lease-up of 8,885 square of available space or 14.9% of the GLA + meaningful mark-to-market opportunities with 47% of the GLA with in-place rents 27% below market
- Substantially Below Market Rents - Average in-place net office net rents are just $13.97 psf, which are 20%-33% below directly competing office properties within the submarket and 50% below average rents along PGA Boulevard, providing a substantial value proposition and the ability to increase rents substantially over time in conjunction with a capital investment plan
- Below Replacement Cost Pricing - Attractive acquisition basis substantially below replacement cost
- Ample Amenity Base And Parking - Plentiful amenity base on-site and within the immediate surrounding area + ample parking ratio of 4.91/1,000 square feet provides flexibility to accommodate a broad range of potential uses
- Future Densification Opportunity - Favorable zoning and amenable municipality allows for potential future densification of the site with residential uses consistent with other nearby sites within the trade area