Bermuda Cay in Boynton Beach

Israel-based Dizengoff-Trading Group has purchased 106 units at the
Bermuda Cay condo in Boynton Beach this week for an average price of $78
per square foot. The project, which was built in 1975 and converted
into a condo in 2005, has 160 total units. The $78 per square foot price
amounts to a 78 percent discount to the average selling price during
the boom. The bulk purchase is the company’s fifth major investment in
Florida real estate in the past 12 months. Bermuda Cay is located at the
intersection of East Woolbright Road and South Federal Highway on the
Intracoastal. TRD

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The Dizengoff Trading Group, an Israeli real estate development and commodities firm, plans to start buying distressed commercial and residential real estate within the next year. The firm has opened an office in Boca Raton and will concentrate on shopping centers and half-sold condo communities, U.S. region manager Ronen Saban said. In July, Dizengoff bought the Shoppes at Monarch Lakes in Miramar, a 64,020-square-foot shopping center, for $8.29 million. Portofino in Jensen Beach, a 118-unit incomplete condominium complex, was another recent acquisition at $6.75 million. [Miami Herald]  [more]