Historic Nachshon Gas Station Sold for 31.5 Million NIS in Major Real Estate Deal
Delek Properties and Delek Israel acquired the historic Nachshon Junction gas station for 31.5 million NIS. The buyers plan to develop a commercial and dining complex.
Historic Gas Station Sold for 31.5 Million NIS
A historic gas station operating for nearly 100 years, dating back to the British Mandate era, is changing ownership in a transaction valued at 31.5 million NIS. The Neumann family, which has managed the station at the Nachshon Junction, sold the complex to Delek Properties and Delek Israel, controlled by the Lahav L.R. Group alongside other partners.
The buyers plan to expand operations at the site and establish a commercial and dining complex alongside the fueling station. The station is located on Route 3 at the Nachshon Junction, along a major traffic artery. In the past, the area served as part of the main road to Jerusalem, before the paving of Route 1 after the Six-Day War and the establishment of additional gas stations along the new route.
Commercial Expansion and Electric Vehicle Chargers
Delek Properties and Delek Israel completed the joint acquisition of all rights in the complex. The companies will hold the asset in equal parts and will work to upgrade and develop it, alongside the continued operation of the fueling station, which also houses a Jo convenience store and automotive services.
The examined plan includes the construction of a 2-story commercial building with a total area of approximately 1,710 square meters. The ground floor, spanning about 855 square meters, is designated for commerce and dining, while the upper floor is intended for offices. In addition, electric vehicle charging stations and complementary services are planned. The realization of the plans is contingent upon advancing planning procedures and obtaining the required approvals.
The transaction in Nachshon reflects the way we seek to grow - not only by increasing the volume of assets, but by acquiring assets where we identify real potential for increasing revenues and NOI over time, said Delek Properties CEO Felix Shupak.
Shupak added: The combination of a central location, significant traffic on adjacent routes, and existing activity in the complex allows us to enter an asset with an existing operational base, while simultaneously generating an additional layer of value through commercial development and expansion of uses. This is a model we seek to continue implementing in additional assets within the portfolio.
