Dizengoff Sells Bulk Portfolio for $25.4M; Breakers Capital Buys West Palm Beach Building
- Jun 22, 2012
The real estate arm of Dizengoff-Trading Group has sold its South Florida bulk portfolio for $25.4 million, reports CoStar. The portfolio, comprised of two properties—Portofino at Jensen Beach and Courtney Park in Lake Worth, consists of 283 condo units overall.
The Portofino at Jensen Beach, a Class A garden community located near the shores of Florida’s Treasure Coast in Martin County, was built as a rental apartment in 2002 and converted into a condominium in 2006. The average unit size is 1,084 square feet, and its amenities include a resort-style swimming pool, hot tub, state-of-the-art gym, indoor racquetball court, tennis court, landscaped playground, private clubhouse and business center.
Dizengoff had acquired 118 units of the 384-unit condominium complex in September 2009 for $6,750,000, or approximately $57,200 per unit ($53 per square foot).
The second property, Courtney Park, is a 192-unit garden-style community located along Lantana Road in Lake Worth. The property offers a mix of functional floor plans and is located close to major arteries, employment centers and recreation. ARA South Florida-based Principals Marc de Baptiste and Avery Klann, as well as Senior Vice President Hampton Beebe, represented the seller—Dizengoff Real Estate LLC.
In other local news, Miami-based Breakers Capital Partners has acquired a Class A, 11-story building in West Palm Beach for slightly under $18.5 million. The property was 87 percent occupied at the time of purchase, with a list of tenants that includes the Internal Revenue Service, 1st United Bank, Uniters North America and Walton Lantaff.
CBRE, who arranged the sale of the property, has also secured $13.725 million in acquisition financing for the buyer, with its vice president Anthony Librizzi being retained to provide leasing services.
Image: Portofino at Jensen Beach via Dizengoff Group Official Site
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