Reshef Properties Kfar Saba, under the management of Daniel Teib, recently marketed 10,200 sq.m. of commercial and industrial property in the industrial zone of Kfar Saba. Rental prices have been affected by the general situation in the sector, and from competition from moshavim in the vicinity, that let land cheaply. Below is a partial list of deals, as announced by Reshef.
The Pougach family rented 2,050 sq.m., which represents 90% of the 2,300 sq.m. commercial center built on Hata’as Street in the industrial zone. Kav Ofi, a furniture and decorations company, rented 500 sq.m. at $5 per sq.m. per month, under a five year contract, with an option for a further three years; Clothing Warehouses rented 500 sq.m. at $7.5 per sq.m., under a three year contract; the Balkan Restaurant rented a 450 sq.m. skeleton for $5 per sq.m., under a five year contract, with an option for a further five years; Simbal Bros. rented 350 sq.m., 150 sq.m. for a shop, at $9.5 per sq.m., and 200 sq.m. for a warehouse, at $5 per sq.m., under a two year contract, with three options for an additional year; Yaakov Cohen rented 250 sq.m. for a bakery, at $9.5 per sq.m. per month, under a three year contract, with an option for a further three years. All the contracts are index linked. Rents will rise 5% if options are exercised, and in the Simbal deal, the increase will be 7%.
Sabag Bros. together with the Ezra brothers, have bought a 1,700 sq.m. building in Yochanan Hasandlar Street, in the industrial zone, from a receiver acting on behalf of Bank Hapoalim. They will pay $1.7 million, and invest $1.5 million in converting it into a reception hall.