Russell Galbut’s GFO & Partners to Redevelop Galleria Fort Lauderdale

Key Points

• GFO Investments, InSite Group, Atlas Hill Real Estate, and Prime Finance acquired the 800,000-square-foot Galleria Fort Lauderdale mall.

• The property was 67 percent occupied when listed in 2023 and sold for at least $90 million.

• The joint venture plans a major mixed-use redevelopment, replacing empty big-box stores near the beach.

One of Fort Lauderdale’s most prominent mall sites is getting a major reboot. A high-profile investor group—led by GFO Investments’ Russell Galbut, Atlas Hill’s Sandeep Mathrani, and Prime Finance’s John Atwater—has acquired the Galleria Fort Lauderdale with plans for an extensive redevelopment.

Inside the Deal

Who’s Involved

• GFO Investments (Russell Galbut)

• InSite Group (Ben Shmul)

• Atlas Hill Real Estate (Sandeep Mathrani)

• Prime Finance (John Atwater)

The partners closed on the 800,000-square-foot indoor mall at 2414 East Sunrise Boulevard, just two blocks from the Atlantic Ocean.

The reported purchase price was at least $90 million, although the exact figure remains unconfirmed. The asset was marketed by a CBRE team. The seller, Keystone-Florida Holding Corporation, purchased the mall in 1993 for $25.1 million.

The Redevelopment Vision

What’s Planned

GFO and InSite will lead redevelopment. Atlas Hill will handle operations and repositioning the retail elements. Specific redevelopment plans are expected to be released in the coming months.

Site Details and Zoning

• The site spans 31.6 acres.

• Zoning allows up to 60 residential units per acre, or a total of 1,899 units.

• Maximum building height is 150 feet.

• The site currently includes vacant anchor boxes formerly occupied by Saks, Lord & Taylor, and Neiman Marcus.

• The separately owned Dillard’s and a Macy’s under a ground lease were not included in the sale.

Investor Insights

Why It Matters

The acquisition presents a textbook repositioning opportunity. With high vacancy and prime location near the beach, the site offers potential for a large-scale, mixed-use transformation. Fort Lauderdale continues to attract residential and retail demand, making this a key infill play.

Another Win for Fort Lauderdale's Future

The Galleria Fort Lauderdale purchase signals strong investor confidence in repurposing aging retail real estate in strategic coastal markets. While the upside is significant, much depends on navigating approvals and executing a redevelopment vision that meets both market demand and municipal expectations.