Israeli firm invests about $40M in Brooklyn shopping center

Gazit-Globe has acquired a 41% interest in Caesar’s Bay Bazaar

TRD New York /
Jun.June 06, 2018 04:35 PM

Jeff Mooallem and Caesar’s Bay Bazaar (Credit: Getty Images and Google Maps)

Gazit-Globe has made a roughly $40 million investment in a shopping center located deep within Brooklyn, according to sources familiar with the deal.

The Tel Aviv-based real estate company’s U.S. subsidiary Gazit Horizons has entered into a joint venture with owner Surrey Equities for the leasehold interest at Caesar’s Bay Bazaar in Brooklyn. The shopping center spans 300,000 square feet across 14 acres along the borough’s Bath Beach waterfront, and Gazit acquired a 41 percent economic interest and a 50 percent voting interest in the property.

Anchor tenants include Kohl’s, Best Buy and Modell’s Sporting Goods.

Gazit Horizons CEO Jeff Mooallem said the company is still figuring out its specific plans for the complex, but they will likely update at least one of the retail tenants going forward.

“There is a Toys ‘R’ Us in the shopping center, and it’s no secret that they’re going out of business and going through their liquation,” he said, “so that will be a tremendous opportunity to start to change the profile of the asset.”

Mooallem told The Real Deal in an interview last May that his company had about $2 billion in potential spending power, and it anticipated using much of it on retail assets in major American cities.  In October, the firm bought the Brodsky Organization’s 92,000-square-foot retail condo at 401 East 60th Street for $73.3 million.


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

For mall owners like Simon, Brookfield and Vornado, Forever 21 bankruptcy signals more trouble ahead

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

10 Madison Square West (Credit: StreetEasy, iStock)

Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

arrow_forward_ios