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Aviv Arlon Global buys in Bonita Springs
BUYER IN CERTIFICATE OF TITLE: AAG Bonita Springs LLC (principal: Eyal Lev Ari), Miami
SELLER IN CERTIFICATE OF TITLE: Center of Bonita Partners LLC, et al.,
PROPERTY: 3250 and 3300 Bonita Beach Road S.W. and 27890 S Tamiami Trail, Bonita Springs
PRICE: $38 million
PREVIOUS PRICE: $41 million, November 2007
PLANS, DESCRIPTION: Prominent Israeli real estate partnership Aviv Arlon Global has made its first major acquisition in the United States with the purchase of a shopping center in Bonita Springs.
Aviv Arlon Global purchased the 322,817-square-foot Center of Bonita Springs shopping center at the northwest corner of Bonita Beach Road and U.S. 41 for $38 million.
The purchase price equated to $118 per square foot of building space. Publix, Bealls Department Store and Kmart anchor the center.
The former owner, Strathmore Development, originally announced plans for an extensive renovation of the center, but the renovations were only partially started. Prior to the sale, National City Bank had sued to foreclose on Strathmore Development Co.'s ownership in the shopping center.
“Aviv Arlon Global is a partnership of two groups that are extremely active in Europe, Israel and Africa,” says Tom Soracco, the U.S. representative for the group. “They are looking at establishing a U.S. entity. Their primary focus is going to be on retail grocery anchored centers. [Center of Bonita Springs] was in a great location; and they feel that Florida, particularly Southwest Florida, is an excellent place to invest.”
The new ownership will hire a property management firm to handle the property, Soracco says, and is working on its plans to renovate it.
Aviv Arlon Global combines the large private real estate firm The Aviv Group and The Arlon Group, a developer, real estate investment fund manager and construction support PEO company. Along with developing office buildings, waterside condominiums, hospitals, business parks and desalination plants, Aviv Arlon Global is the company behind Moshe Aviv Tower, the tallest building in Israel.
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