SOURCE: Dizengoff-Trading Group

December 22, 2009 15:27 ET

Dizengoff-Trading Group Acquires Colonial Promenade Winter Haven Shopping Center for $20.75 Million

Company Has Invested Nearly $43 Million in Florida Real Estate This Year

BOCA RATON, FL--(Marketwire - December 22, 2009) - The Dizengoff-Trading Group, an Israeli-based trading and real estate development company, has completed its acquisition of Colonial Promenade Winter Haven, a 278,741 square-foot open-air shopping center, located at 303-399 Cypress Gardens Blvd. in Winter Haven, FL. The purchase price was $20.75 million, or $74.44 per square foot.

Colonial Promenade Winter Haven is anchored by a Wal-Mart Super Center that recently expanded its leased space from 103,459 square feet to approximately 223,000 square feet. Other national-brand tenants include Dollar General, Citi Financial, CiCi's Pizza and Verizon Wireless. Overall, the center is 92.5 percent occupied.

"Colonial Promenade Winter Haven is an ideal acquisition for our growing portfolio in the United States," said Ronen Saban, U.S. region manager for Dizengoff. "Having Super Wal-Mart occupying 80% of the center with a long term lease has many benefits. Wal-Mart is a creditworthy anchor and creates high traffic for other tenants in the center, especially in this busy part of town."

Since opening its U.S. office in Boca Raton earlier this year, Dizengoff has been targeting income-generating properties in the retail and multifamily residential product categories. Colonial Promenade Winter Haven is the investor's fourth and largest transaction over the past four months.

In November, the company closed on the bulk purchase of 115 units at The Condominiums at Courtney Park in Lake Worth, FL for a price of $6.86 million. In September, Dizengoff paid $6.875 million for 118 condo units at Portofino at Jensen Beach, in Jensen Beach, FL. In July, Dizengoff bought the Shoppes at Monarch Lakes, a 64,020 square foot Publix-anchored shopping center in Miramar, FL for $8.285 million.

Dizengoff is widely regarded as a premier developer of mixed-used properties throughout Israel, the U.K. and Eastern Europe. Led by Chairman Aaron Shashua, President/CEO Menashe Zelicha and Vice President of Real Estate and liaison to the U.S. office Shlomo Cohen, the company has been in existence for the past 60 years. It started as a trading company and then branched into real estate development in the 1980s.


Dizengoff-Trading Company (1952) LTD. is amongst Israel's longest-standing, most financially secure and reputable real estate companies, specializing in the development and management of residential and commercial properties. 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. 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

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