Israeli group buys leftover condos in Tampa Palms

Published May 4, 2010
Tampa Bay Business Journal

The Gamla-Cedron Group of Israel has bought up its third set of bulk condominiums in the Tampa Bay area since last June, this time picking up 144 of the remaining condos at Promenade at Tampa Palms.

The group of condos sold for $6 million, or $41,667 per unit, according to T. Sean Lance, managing director and president of NAI Tampa Bay’s Troubled Asset Optimization team, which helped broker the deal along with John Burpee. Promenade, located at 162900 Enclave Village Drive in Tampa, was built in 1999 and purchased for condo conversion in 2006 for $27.6 million, or $115,000 per unit.

Gamla-Cedron and its president, Shaoul Mishal, did the purchase in cash. The company bought the remaining condos at Arbors at Carrollwood for $5.8 million last June and 185 residential units at The Falls at New Tampa for $7.5 million in January.

The Promenade purchase will allow Gamla-Cedron to gain control of the homeowners association and continue to rent remaining units, Lance said in a release. However, Mishal eventually plans to market the units for sale to complete the conversion when the market turns around.