Friday, April 22, 2011
BOCA RATON, FL (April 22, 2011)– Dizengoff-Trading Group, an income-producing investment real estate firm, has purchased North Hills Square (top left photo), a 63,900 square foot open-air shopping center located in Coral Springs, FL. The company paid $8.9 million, or $139.28 per square foot. The seller is an undisclosed financial institution.
North Hills Square is anchored by a 52,024 square foot Wal-Mart Neighborhood Market which comprises 81% of the Center’s gross leasable area. Other major tenants include Wendy’s and Manhattan Bagel. Overall, the shopping center is 97% occupied.
North Hills Shopping Center is located at 4650 University Drive, on the corner of busy University Drive and Wiles Road, servicing the densely populated areas of Coral Springs and the city of Parkland. Over 60,000 vehicles travel these roads near the area in any given day according to research data.
North Hills Shopping Center marks the third Florida retail purchase for Dizengoff-Trading Group in the past two years. It’s the second anchored with a Wal-Mart, the other being a 223,000 square foot Wal-Mart Super Center located in the Central Florida town of Winter Haven.
Dizengoff-Trading Group has invested more than $70 million in Florida real estate since opening an office in Boca Raton two years ago. The company targets income-generating properties focused on open-air retail centers and bulk condo units at mid-rise and garden style multi-family complexes. In addition to the retail centers, it has made four bulk condo purchases in South Florida.
Media Contact: Todd Templin and/or Jennifer Clarin, Boardroom Communications, (954) 370-8999/Todd Cell: 954-290-0810