Dizengoff acquires Colonial Promenade

BOCA RATON - The Dizengoff-Trading Group, an Israeli trading and real estate development company, has completed its acquisition of Colonial Promenade Winter Haven, a 278,741sf open-air shopping center at 303-399 Cypress Gardens Blvd. in Winter Haven. The purchase price was $20.75 million or $74.44 psf.

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

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.