Wednesday, March 11, 2009

     Isram Realty Holdings Purchases the 142,968 SF Western Way

HALLANDALE, Fla. – Hallandale-based Isram Realty Holdings has announced the purchase of Western Way, a 142,968 square-foot shopping center in Brooksville, Fla., for $11.5 million. The seller was WR Dallas LP. “Western Way is a terrific addition to our expanding portfolio of retail properties in Florida,” said Shai Moschowits, CEO of Isram Realty Holdings, of the purchase. Located in the heart of the area’s retail corridor at 12961 Cortez Blvd., on the northwest corner of Cortez and Mariner Boulevard, Western Way is more than 90 percent leased. The shopping center is anchored by Bealls Outlet, Save-A-Lot, Dollar General, Beacon Theatres and Carrabba’s Italian Grill. Western Way was built in 1982 and renovated in 1991. “With this area’s population averaging 16 percent growth over the next three years, we see this region as an area with tremendous potential,” said Michael Fimiani of Boca Raton, Fla.-based Fimiani Development, who last year formed a strategic alliance with Isram Realty Holdings to pursue the acquisition and leasing of Class B shopping centers throughout Florida. Isram Realty Holdings currently owns, leases and manages 1.5 million square feet of neighborhood and community shopping centers in Florida including Naples, Tampa, Bradenton, Jacksonville, Orlando and Merritt Island.