Dizengoff-Trading Co. Acquires 65 Condo Units on Palm Beach, FL

BOCA RATON, FL (Jan. 5, 2011)–Dizengoff-Trading Company has purchased the remaining 65 units at 2560 South Ocean (top left, middle right and left  photos), a 94-unit mid-rise condominium project, also known as the “Whitehouse”, located in beautiful Palm Beach, Florida.

The real estate investment company paid $6.9 million for the units, which averages approximately $96 per square foot. The same units were selling on average for $385 per square foot in 2006 at the peak of the real estate boom. 

Ninety-percent of the purchased residences are already leased and Dizengoff plans on leasing the remainder. Dizengoff purchased the 65 units from a South Florida bank.

 Originally constructed in 1975 as a rental property, 2560 South Ocean was converted to a condominium in 2006 following major renovations.

The property sits on the exclusive island of Palm Beach  between the Intracoastal Waterway and the Atlantic Ocean. All of the units have private balconies that offer breathtaking views of both bodies of water, and residents have deeded access to the beach. Other amenities include a waterfront pool, fitness center and barbecue patio area.

The residences feature well-designed studio, one, two and three-bedroom floor plans with penthouses on the seventh floor.

The units average 1,104 square feet in size, with a full appliance package, wood cabinets, Corian® countertops, ceramic tile flooring in kitchens and bathrooms and stacked washers and dryers in the two & three bedroom units.

 The property is within walking distance to the beach, Palm Beach Golf Course, retail establishments and world class resorts and hotels.

 Dizengoff-Trading Company is a value-oriented real estate investment firm targeting the purchase of bulk condominium units at mid-rise and garden-style multi-family complexes throughout South Florida.

2560 South Ocean is Dizengoff’s fourth such purchase in Florida in the past 15 months, totaling 434 units.

Dizengoff acquired bulk units at Portofino at Jensen Beach in Jensen Beach in September 2009, bulk units at the Condominiums at Courtney Park in Lake Worth in November of 2009 and bulk units at Bermuda Cay in Boynton Beach in July of this year. Both 2560 South Ocean and Bermuda Cay are located on the Intracoastal.

 Dizengoff- Trading Company (1952) LTD. specializes in the development and management of residential and commercial properties.

The company has been ranked among the top 50 service and trade companies by Dun and Bradstreet in Israel, reflecting its considerable financial strength and wide-ranging capabilities.

The company has offices in Israel, the United States, the United Kingdom and the Czech Republic. For more information, visit the company web site at www.dizengoff-trading.com

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 Media Contact:

Todd Templin and/or Jennifer Clarin, Boardroom Communications

(954) 370-8999/Todd Cell: 954-290-0810

 

Joint Venture Acquires Fountain Square II Office Building in Tampa, FL

TAMPA, FL (Jan, 5, 2011) – A joint venture consisting of affiliates of TriGate Capital, LLC, Feldman Equities, Inc., and Tower Realty Partners, Inc. has acquired the 134,065 square-foot Fountain Square II office building (top left photo).

 Tower Realty Partners, Inc. will manage and lease the building.

Fountain Square II is a Class A office building located in the prestigious Fountain Square Office Park, which is located in Tampa's Westshore office market.

The property has nearly immediate access to Veterans Expressway and is less than a five-minute drive from the Tampa International Airport.

Fountain Square I and III, which are adjacent to Fountain Square II, are both entirely leased to JP Morgan Chase under a recently executed 15 year lease.

The office park is a true campus setting with a central lake and extensive landscaping. Fountain Square II features an on-site fitness center and restaurant.

The building has a structured parking garage that provides 100% shaded parking and has a capacity of 4 cars per thousand square feet. Fountain Square II is a modern, architecturally distinctive, crescent shaped building with reflective glass. It is presently approximately 70% leased and occupied.

In October of 2010, the TriGate Capital-led joint venture acquired a first mortgage note that was secured by the Fountain Square II property. The note was subject to a bankruptcy proceeding that had been filed by the previous owner.

Recently, the joint venture obtained title to Fountain Square II through a confirmed bankruptcy plan. The joint venture presently has no debt on the property.

 Ownership is implementing an aggressive leasing program and is well-capitalized to provide for prospective tenants’ construction requirements and brokerage commissions in order to attract credit tenants.

TriGate Capital is a market leading real estate private equity firm focused on quickly and efficiently matching an appropriate capital solution for real estate projects. TriGate Capital manages a fully discretionary real estate fund, TriGate Property Partners, LP, on behalf of institutional investors.

TriGate Capital invests in value added real estate assets and financial restructuring opportunities emanating from changes in the real estate capital markets.

 TriGate Capital is majority owned and controlled by Jay Henry (top right photo), Jon Pettee (middle left photo) and Jeff Yarckin (middle right photo).

Each has over 20 years of experience, including leadership positions at premier investment funds and operating companies, and collectively have been responsible for over $10 billion of real estate investments.

For more information, please go to www.trigatecapital.com

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Tower Realty Partners is an Orlando based commercial real estate owner focusing on value-added opportunities throughout the state of Florida. Tower was formed in 1987 by Cliff Stein (middle left under Jon Pettee photo) and Reid Berman (middle right under Jeff Yarckin photo). Since its inception, Tower has acquired over $1 billion of office properties.

 For more information, please go to http://www.towerrealtypartners.com/

Feldman Equities is the modern business entity that encompasses a century of success in commercial real estate development. In the last 25 years, Larry Feldman (lower left photo)  and his father Ed, have developed or acquired over 11 million square feet of office and retail properties with an aggregate value in excess of $2.5 billion.

.For more information, please go to http://www.feldmanequities.com/

 Contact: Larry Feldman (516) 509-6775

LFeldman@FeldmanEquities.com