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Zvi Gordon Of Gazit Horizons Acquires Galt Ocean Marketplace From Syd Kitson For $35.4M

Property Image
SOLD
$35,400,000
SK
ZG

Florida

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Retail105,589 SF
Sold 03/31/2025
the dealplayerscompscontact
Property Image
SOLD

Zvi Gordon Of Gazit Horizons Acquires Galt Ocean Marketplace From Syd Kitson For $35.4M

3700 North Ocean Boulevard

See Similar Deals
Retail105,589 SF
Sold 03/31/2025
SK
ZG
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$335
Total Square Footage:105,589 SF
Transaction Type:Sale

The transaction involves a retail asset, specifically Galt Ocean Marketplace, located at 3700 & 3800 North Ocean Boulevard in Fort Lauderdale. The asset covers 8.6 acres and features a total square footage of 105,589. The sale price for this property was $35,400,000, resulting in a price per square foot of $335.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $35,400,000
  • Address: 3700 & 3800 North Ocean Boulevard
  • Market: Fort Lauderdale
  • Asset Size: 8.6 acres
  • Square Footage: 105,589
  • Price Per Square Foot: $335
  • Buyer: Zvi Gordon
  • Buyer's Company: Gazit Horizons
  • Seller: Syd Kitson
  • Seller's Company: Kitson & Partners

Gazit Horizons, under the representation of Zvi Gordon, successfully acquired the shopping center from Kitson & Partners, led by Syd Kitson. This acquisition has effectively doubled Gazit Horizons' retail presence in South Florida, as the firm has plans for further developments, including a 62-story tower in Brickell.

Players

ZG
Gazit Horizons
Zvi Gordon
3 deals$52.4M volume
BUYER
SK
Kitson & Partners
Syd Kitson
3 deals$70.1M volume
SELLER

Details

SOLD
IMAGE: Syd Kitson & Zvi Gordon DATE: 03/31/2025 ADDRESS: 3700 & 3800 North Ocean Boulevard MARKET: Fort Lauderdale ASSET TYPE: Retail ~ ACRES: 8.6 BUYER: Zvi Gordon - Gazit Horizons SELLER: Syd Kitson - Kitson & Partners SALE PRICE: $35,400,000 SF: 105,589 ~ PPSF: $335 NOTE: Gazit Horizons acquired Galt Ocean Marketplace, a 105,589-square-foot, Winn-Dixie-anchored shopping center in Fort Lauderdale, from Kitson & Partners for $35.4 million. The deal doubles Gazit’s South Florida retail portfolio, as the firm plans further developments, including a 62-story tower in Brickell.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,888,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$125,768.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$167,814.06
Annual Debt Service$2,013,768.72