David Lubinski’s Peugot and Citroen auto import company is negotiating a deal to buy 134 dunam (33.5 acres) in Zerifin from Haargaz for $50 million. If the deal goes through, Lubinski’s company will construct its main garage, car storage and delivery facilities, display hall, and offices on the site.
Lubinski’s company’s display hall is currently located in Bnei Brak, together with the company's main garage and spare parts warehouses. The company has another display hall in Tel Aviv. In addition, the company also has display halls and central garages in Jerusalem and Beersheva, which will probably remain in their present location.
The Lubinski company plans to sell its land in Bnei Brak for cash or in a combination deal, since the area has developed into a high tech office center in recent years. There is also a great demand in the haredi (ultra-Orthodox) community for wedding halls in the area.
The value of the land in Zerifin is currently assessed at $350,000-400,000 per dunam ($1,400,000-1,600,000 per acre). Haargaz has its plant there, which it plans to move to another location. Haargaz has already announced its intention of transferring its Zerifin plant to another site and selling the land.
Published by Israel's Business Arena on July 8, 2001