Israeli real estate firm plans to expand in South Florida

[ensho]

http://www.miamiherald.com/1374/v-print/story/1278760.html


An Israeli real estate development and commodities firm has announced plans to expand in South Florida, with the goal of purchasing distressed commercial and residential properties over the next 12 months. The Dizengoff Trading Group said it has opened a base in Boca Raton with plans to target shopping centers and half-sold condo communities, also called fractured projects.

Ronen Saban, U.S. region manager for the Boca Raton office, said in a statement that the firm was targeting newer developments in areas where replacement costs are high.

In July, it bought the Shoppes at Monarch Lakes in Miramar, a 64,020-square-foot shopping center, for $8.29 million. It also purchased Portofino in Jensen Beach, a 118-unit fractured complex, for $6.75 million.

Dizengoff, which also has a commodities trading division, is developing mixed-use properties in the United Kingdom, Czech Republic and Israel.
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what is a "fractured complex"?

[SidDithers]

1. Are they referring to fractional ownership?...

Fractional ownership is where multiple owners each own a fraction of a property. We see it up here in cottage country, where there might be 4 owners of a cottage, and each owner gets it for the 3 months, spread out evenly through the year. It's a little like time-sharing, but with equity ownership.

Sid

[ensho]

2. I'm thinking it has to do with block rentals

the fraction of money coming in vs. what isn't coming in re: a block of something?

[ashling]

3. They are planning on building settlements in the Everglades

:rofl:

[damntexdem]

4. No, no, those are temporary military outposts.

And we need that wall to keep the terrorist gators out.