In a strategic move to elevate its commercial real estate investments, Gazit Horizons has finalized the acquisition of Galt Ocean Marketplace for $34.4 million. This grocery-anchored shopping center is situated in the Galt Mile neighborhood, just a block away from the scenic beaches of Fort Lauderdale.

Property Details

The Galt Ocean Marketplace, encompassing 105,589 square feet, stands on 8.6 acres and boasts a 96% occupancy across 24 tenants. Key retailers at the location include:

• Winn-Dixie
• CVS
• Dunkin’
• McDonald’s
• Flagstar Bank

This acquisition translates to an investment of approximately $325 per square foot, reflecting the attractive positioning of the center within an affluent demographic.

Investment Rationale

Zvi Gordon, CEO of Gazit Horizons, expressed enthusiasm about the purchasing decision, stating, “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.”

Historical Context and Previous Ownership

The shopping center has a noteworthy history; it was previously acquired by Kitson & Partners in 2006 for $26.6 million. This past year, the firm refinanced the property, securing a $17 million loan as reported by CBRE. In addition, Kitson & Partners sold another retail asset, the Publix-anchored Plaza Del Mar, for $37 million.

Gazit Horizons’ Strategic Positioning in the Market

Founded in 2017 as a subsidiary of Israel-based Gazit Global, Gazit Horizons aims to reinforce its footprint in the U.S. commercial real estate market. In South Florida, the firm also owns Maizon Brickell, a 19-story multifamily tower, along with Brickell Station, a retail property leased to Talking Tacos.