Delek Real Estate recently sold 2,500 sq.m. in its 7,000-sq.m. office building in Kfar Netter for $3.5 million. The buyers were Weight Watchers (1,000 sq.m), BATM Advanced Communications (LSE:BVC) (1,000 sq.m), and IDAN Graphics & CAD (500 sq.m).
Each company also bought 15 covered parking spaces at $9,000 each, for a total of $405,000. Delek Real Estate has marketed 6,000 sq.m. in the building to date.
The prices in the latest transactions were higher than usual, and only 20% below prices for space in the Ramat Gan Diamond Exchange. The reasons for the high prices were the building's high quality of construction and finishing and Kfar Netter's proximity to major highways, including Route 6 (the Cross-Israel Highway).
In a separate transaction, Intergama has occupied 20,000 sq.m. in three buildings it bought from Delek Real Estate for $26.5 million.
The recent transactions have transformed Kfar Netter into one of the largest office complexes in the Sharon region.
Published by Globes [online] - www.globes.co.il - on May 2, 2004