Family Sells 100-Year-Old Gas Station for $8.5 Million
Translated & summarized from N12 by baba
A family has sold a century-old gas station complex at the Nachshon interchange for 31.5 million shekels to Delek Israel and Delek Neksasim. The buyers plan to build a 1,500-2,000 square meter commercial and dining complex on the site. The sale is expected to provide the buyers with an annual return of about 8.5%. The station has operated since the British Mandate era.
The story in 5 lines · by baba
- A family sold a 100-year-old gas station complex for 31.5 million shekels.
- Delek Israel and Delek Neksasim purchased the station at the Nachshon interchange.
- The buyers plan to develop a commercial and dining complex on the site.
- The acquisition is expected to yield an annual return of approximately 8.5%.
- The station operated since the British Mandate era and was on the historic Jerusalem road.
An anonymous family, led by Rivka Neumann and her two sons, has sold a 100-year-old gas station complex at the Nachshon interchange for approximately 31.5 million shekels (about $8.5 million). The buyers are Delek Israel and Delek Neksasim, subsidiaries of Lahav LR. The Neumann family, who operated the station since the British Mandate era, sold the property which was once located on the main road to Jerusalem.
The purchasing companies plan to develop the site into a 1,500-2,000 square meter commercial and dining complex, alongside continued fuel operations. This development may include a large "Menta" convenience store and a Burger King restaurant, both operated by Delek Israel, as well as a supermarket and potentially services for tourists. The project's timeline is estimated at one year after receiving necessary approvals.
Delek Israel had been operating the station under a recently expired lease agreement with the Neumann family. The acquisition is expected to yield the buyers an annual return of approximately 8.5%, based on the station's operational profits. This move aligns with Delek Neksasim's strategy of acquiring and developing gas station sites into commercial hubs.
Delek Israel is a private company involved in operating gas stations and convenience stores, while Delek Neksasim, traded on the Tel Aviv Stock Exchange, focuses on acquiring, leasing, and developing real estate for these operations. Both companies are controlled by Lahav LR, businessman Uri Mansour, and Yitzhak Tshuva's Delek Group.
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