An affiliate of Los Angeles-based Black Lion Investment Group, Pearland RJR, has acquired the Crystal Tree Centre retail and office complex in North Palm Beach for $14 million. The 121,629 square foot mixed use center at 1201 U.S. Highway 1 changed hands for just over $115 per sqf. Built in 1982 on a 8 acre site, the asset is split into 76,910 sqf of retail space, 44,719 sqf of offices along with covered parking. The seller, Crystal Tree Property Owner, managed by Michael D. Chesser in Rancho Cucamonga, California, bought the building in 2005 for $16 million.
