Gazit Horizons acquired a grocery-anchored shopping center near Fort Lauderdale’s oceanfront for $35.4 million, doubling its South Florida retail portfolio.
An affiliate of Gazit Horizons, the Miami-based U.S. arm of Israeli real estate firm Gazit Globe, paid $35.4 million for Galt Ocean Marketplace at 3700 and 3800 North Ocean Boulevard, according to a press release. Anchored by a Winn-Dixie supermarket, the 105,589-square-foot shopping center is 96 percent leased. Other tenants include CVS, Holy Cross Hospital, McDonald’s, Flagstar Bank and Sherwin Williams.
The deal breaks down to $335 a square foot.
The seller, an affiliate of Palm Beach Gardens-based Kitson & Partners, acquired the 8.6-acre site for nearly $26.7 million in 2006, records show. The retail building was completed in 1988.
The Galt Ocean Marketplace purchase marks the second retail acquisition for Gazit Horizons, led by CEO Zvi Gordon, in a three-year span. In 2022, the firm dropped $20.1 million for a fully leased retail building in Miami’s Brickell neighborhood.
Gazit Horizons owns a stake in Maizon Brickell, a 19-story apartment building with 262 units completed by ZOM Living in 2019, according to a press release. The firm also owns a 0.5-acre development site near Brickell City Centre that Gazit Horizons acquired for $29.5 million in 2017.
Gazit Horizons is planning Brickell Gateway, a 62-story tower with 504 market-rate apartments, more than 18,000 square feet of ground-floor and second-floor retail space and 344 parking spaces. Gazit Globe owns 89 properties across the world spanning 1.8 million square feet and valued at about $10 billion, the release states.
In December, Palm Beach Gardens-based Kitson & Partners sold Plaza Del Mar, a Publix-anchored shopping center in Manalapan, to Short Hills, New Jersey-based Garden Commercial for $37 million. Other tenants include Soma fashion shop, Illustrated Properties and Art Basil Restaurant.