Israeli Investor Buys Fort Lauderdale Strip Mall for $35M
The grocery-anchored shopping center is 96% leased
ByJulia EchiksonApril 4, 2025 3:20 pm
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Real estate investment companyGazit Horizons paid $34.4 million for a grocery-anchored shopping center near the beach in Fort Lauderdale, property records show.
Galt Ocean Marketplace is a 105,589-square-foot strip mall on a barrier island between3700 and4032North Ocean Boulevard, a block west of the ocean in the Galt Mile neighborhood.
The sale equates to about $325 a square foot.
The 8.6-acre property is 96 percent leased to 24 tenants that includeWinn-Dixie,CVS,Dunkin’,McDonald/s andFlagstar Bank, according to the buyer, a subsidiary of Israel-basedGazit Global.
“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,”Zvi Gordon, CEO of Gazit Horizons, said in a statement.
In 2006,Kitson & Partners, a Palm Beach Gardens-based private real estate development company, purchased the property for $26.6 million, according to property records. In January, the firm refinanced the property with a $17 million loan, according toCBRE.
In December, Kitson & Partners sold another South Florida retail center —Publix-anchoredPlaza Del Mar in the wealthy town of Manalapan — for $37 million,The South Florida Business Journal reported. (A representative for the firm did not immediately respond to a request for comment.)
In 2017, Gazit Global created Gazit Horizons as a vehicle to invest in commercial real estate across the U.S. In South Florida, it owns aMaizon Brickell, a 19-story multifamily tower, in addition to the single-storyBrickell Stationretail building, which is leased toTalking Tacos.
Julia Echikson can be reachedjechikson@commercialobserver.com.
