Gazit Horizons buys Fort Lauderdale’s Galt Ocean Marketplace
Gazit Horizons, a subsidiary of G City Ltd. that is expanding its holdings in the United States, has snapped-up a high-traffic center on stretch of posh waterfront in Fort Lauderdale.
The 105,589-sq.-ft. Galt Ocean Marketplace, located on Route A1A in a prime barrier island location in the Galt Ocean Mile neighborhood, sold for $35.4 million.
"Galt Ocean Marketplace is a strategic addition to our Florida portfolio," said Zvi Gordon, CEO of Gazit Horizons. "This incredibly well-located neighborhood center with a strong necessity-focused retail tenant mix and affluent neighborhood demographics is an exciting investment which will benefit from our extensive retail experience and proactive management."
Anchored by a Winn Dixie supermarket, Galt Ocean Marketplace also hosts a drive-through CVS, Holy Cross Hospital, McDonald’s, Flagstar Bank, and Sherwin Williams along with casual dining, fitness, and beauty. It is 96% leased.
Gazit’s other Florida holdings include the luxury rental towers Maizon Brickell in Miami and AER Tampa.
Chaim Katzman, the founder and controlling shareholder of G City Ltd. and Gazit Horizons was the founder of Equity One Inc, a NYSE listed REIT headquartered in Florida. Prior to its $6 Billion sale in 2017, Equity One was one of the largest owners of high-quality supermarket anchored strip centers in the state of Florida and nationally.
G City Ltd. owns and operates 89 properties with total gross leasable area of approximately 20 million sq. ft. It is focused on the ownership, development, and management of income-producing properties for mixed-use including retail, residential-for-rent, and office located in densely populated urban cities.
G City’s U.S. retail holdings include the Caesar’s Bay Shopping Center in Sheepshead Bay, Brooklyn, and Marketplace Center in Boston.
Last October, Gazit signed Home Depot to a 20-year lease on a 78,600-sq.-ft. lease building on Manhattan’s Upper East Side that real estate data provider CoStar declared was the largest retail lease signed in New York in the past three years.
