Dan Real Estate, the investment and real estate arm of the Dan Public Transportation Group, which initiates and promotes residential and commercial projects in the demand areas, announced that it has signed an agreement to sell the commercial complex it owns, located next to the Pisgat Dan tower, on the Jabotinsky axis in Ramat Gan, for approx. 58 million shekels. The complex, which includes approximately 2,200 square meters of commerce on two floors, was sold to a private investor.
The deal reflects a price of about NIS 26,000 per commercial square meter, and it also includes underground parking spaces, with about 70 parking spaces. The commercial center, as well as the residential tower, were designed by the Yeski Mor Sivan office, and were occupied about two years ago. Since then , Dan Real Estate managed the yielding property and signed long-term contracts with a series of tenants, including Klalit Health Services, which will soon open a state-of-the-art clinic in the complex, Super Pharm, Shufersel and Gelida Golda, at an average of NIS 120 per square meter.
The Pisgat Dan project includes a tower, rising to a height of 40 floors and 195 residential apartments. In the residential and commercial sector, Dan Real Estate has promoted many entrepreneurial projects in the central region in recent years, and currently has a backlog of projects that includes hundreds of square meters for employment and commerce and approximately 6,000 housing units, as part of the urban renewal field it entered in recent years. Among other things, the company promoted the luxury project Arlozorov 17 in Tel Aviv.
The Dan Group stated that “this is a transaction in the field of mixed uses, which has become the leading lifestyle in the city centers in the demand areas. The complex, which is part of the Pisgat Dan complex, which includes the residential tower and is located near the light rail, was designed in such a way as to allow easy access to all the services it offers – health, Commerce and leisure, hence its attractiveness.”