Mishorim Development Ltd. announced that it had signed an agreement to buy an office building in the Ra'anana industrial zone for ILS 22.5 million. As far as is known, the seller is businessman Ronen Levy, owner of the Kfar Hashaashuim chain of toys and games stores. According to Mishorim, the building, located on a 1.6-dunam (0.4-acre) lot, has 1,800 sq.m. of net space. The building is currently leased to 14 tenants. Its current occupancy rate is 55%, generating a net operating income (NOI) of ILS 1.1 million per year. Mishorim believes that the building can generate ILS 2.1 million in NOI if fully occupied. The company plans to pay for the purchase from its own resources. Completion of the deal is expected within 60 days, subject to certain conditions. Controlled by Gil Blutrich and Alex Shnaider, Mishorim has income-producing properties in Israel and in shopping centers in the US. It is also the controlling shareholder in Skyline, which operates in the hotel and vacation sector in the Canada and the US.