Boca Raton, Florida – Many NNN Commercial Real Estate investors have been into triple net lease properties and Apartment Building complexes. We have Commercial Real estate news on one of the strongest Investment Companies from Israel. The Dizengoff-Trading Group has recently purchased a solid Commercial Property in Florida. The Dizengoff-Trading Group has completed the acquisition of this Investment Property which is 115 units. The Commercial Real Estate purchased is comprised of Condo Units at the Condominiums at Courtney Park. The commercial real estate is in Palm Beach County, located at 5080 Lantana Road in Lake Worth, Florida. The Commercial Real Estate acquisition price was for $6.86 million, which comes to $59,652 per unit. This is a great area for Commercial Real Estate in Palm Beach County, Florida.
Florida Commercial Properties For Sale
The Commercial Property has a strong visibility due to a high traffic intersection and is adjacent to Buttonwood Park. This 17-acre county park features playing fields and a lake. The Commercial Property has a community with amenities that include lush and mature landscaping, a community pool, jacuzzi, sundeck, fitness center, and clubhouse. Units at this Investment Property feature efficiently designed floor plans, which average 864 square feet in size, and include a laundry room with a full-size washer and dryer, open kitchen, walk-in closets, and a private balcony. The Courtney community, at Lantana Road and South Haverhill Road, was built as apartments back in 2000 and then converted to condominiums in 2006.
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After this transaction, it gives Dizengoff control of 60% of the 192 units at the complex. The Seller of the Commercial Real Estate was Bank of America. The Lender Bank of America (B of A) took ownership of 115 units back in March at a foreclosure auction in Palm Beach County. Bank of America (B of A) was awarded a $12.2 million foreclosure judgment against the Maryland-based developer, Marcliff Courtney Development. It is not known if a 1031 exchange was involved with this commercial real estate transaction.
The Dizengoff-Trading Group now owns approximately 233 condo units in the South Florida area. The Dizengoff-Trading Group also recently acquired the Promenade Winter Haven retail shopping center. Back in December of 2009, Dizengoff acquired this income-producing commercial development that is a 278,741 square-foot open-air shopping center. That Commercial Real Estate is located in Winter Haven, Florida. The NNN Commercial Real Estate, known as Promenade Winter Haven, is anchored by a Wal-Mart Super Center. The Wal-Mart Super Center recently expanded its leased space from 103,459 square-feet to approximately 223,079 square feet in 2008.
Shopping Center Investments
Promenade Winter Haven is an ideal acquisition for Dizengoff’s growing portfolio in the United States. Commercial Real Estate investing is beneficial when you have Super Wal-Mart occupying 80% of the retail shopping center. This Wal-Mart Super Center has a long term lease, Wal-Mart is a creditworthy anchor and creates high traffic for other tenants in the center. Additional national-brand tenants leasing space are Dollar General, Citi Financial, CiCi’s Pizza and Verizon Wireless. The Commercial Property is currently 94% occupied and was purchased for $20,750,000, or $74.44 per square-foot.
The Dizengoff-Trading Group, which is based in Israel and also currently has an office in Boca Raton, Florida. Dizengoff Group began its real estate activities in 1986 and has since earned a place amongst Israel’s leading commercial real estate developers. The company has been ranked amongst the top 50 service and trade companies by Dun and Bradstreet, reflecting its considerable financial strength and wide-ranging capabilities. Dizengoff’s Investment Property Portfolio also includes many turn key projects throughout Israel.
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