Mishorim buys Las Vegas mall for $2.3m

Mishorim and a partner bought 70% and 30%, respectively, of the Los Pasados shopping center.

Mishorim Development Ltd. (TASE:MSHR) and a partner have bought the Los Pasados shopping center in Las Vegas for $2.3 million. Mishorim's share in the property is 70%. Mishorim financed the acquisition from equity.

The 2,400-square meter shopping center is 80% occupied and its annual rental income give a net operating income (NOI) of 10%.

Mishorim also announced that the occupancy rate at its Sundance Plaza commercial property in Las Vegas has risen to 82% from 54% when it jointly acquired the property in December 2011. Mishorim also owns 70% of this property. The increased occupancy has boosted the return on investment from 11% to 16%. Bank Leumi USA has granted the property a $2 million 15-year loan at 5% interest.

Mishorim also added 14 tenants to its commercial property in Birmingham, Alabama, bringing the occupancy rate to 75% from 60% when the company jointly bought the property in April 2012. Mishorim owns 60% of this property.

Published by Globes [online], Israel business news - www.globes-online.com - on June 26, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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