Dizengoff Sells Bulk Portfolio for $25.4M; Breakers Capital Buys West Palm Beach Building

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.

By Georgiana Mihaila, Associate Editor

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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