Zvi Gordon Of Gazit Horizons Acquires Galt Ocean Marketplace From Syd Kitson For $35.4M
3700 North Ocean Boulevard
$35,400,000
$335/SF
Building Size
105,589 SF
Asset Type
Retail
Closing
Mar 31, 2025
AI
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
Fort Lauderdale Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93