Gazit-Globe, the international retail landlord that owns the home of Barneys New York in Chelsea, is planning to launch a private U.S. subsidiary to invest in New York and other major metropolitan areas.
The Israel-based real estate firm is eyeing potential investments across a range of property types with a particular interest in commercial and mixed-use properties, the Wall Street Journal reported.
And its interest in retail real estate remains strong, despite the pressures of e-commerce and store closures.
“Brick-and-mortar [retail], where 80% to 90% of the sales take place, is still a powerful environment for brand building, cultivating loyalty and experiential retail,” chairman Chaim Katzman told the Journal.
The company has focused on supermarket-anchored shopping centers in urban markets. It owns the retail condo at 161 West 16th Street, which company subsidiary Equity One bought in 2011 for $55 million. Equity One Also Owns One Broadway Plaza in the Bronx.
Gazit-Global earlier this year merged Equity One with Regency Centers Corp., creating a combined portfolio of 429 properties. [WSJ] – Rich Bockmann