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Galt Ocean Marketplace sold for $35.4 million.
The shopping center is 142,183 square feet.
Tenants include Winn-Dixie, CVS, and McDonald’s.
MSKP Galt Ocean LLC, an affiliate of Palm Beach Gardens-based Kitson & Partners, sold the 142,183-square-foot shopping center at 3700 and 3800 N.Ocean Blvd. to GH Galt Ocean LLC, part of North Miami Beach-based Gazit Horizons. The buyer is a subsidiary of Israel-based Gazit Global, which formed Gazit Horizons in 2017 to invest in commercial real estate across the United States. The price equated to $249 per square foot.
“Galt Ocean Marketplace is a strategic addition to our Florida portfolio,” said Zvi Gordon, CEO of Gazit Horizons. “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.”
Galt Ocean Marketplace last traded for $26.65 million in 2006, so it sold for a relatively modest gain considering the 19-year hold on the investment.
The shopping center was built on the 8.6-acre site in 1988. Tenants in Galt Ocean Marketplace include Winn-Dixie, CVS, Sherwin Williams, McDonald’s,Holy Cross Medical, Flagstar Bank, and NY Deli & Restaurant. The buyer said it’s 96% leased.
This deal follows Kitson & Partners selling a Manalapan shopping center in December.
