Local

Israeli firm invests about $40M in Brooklyn shopping center

Gazit-Globe has made a roughly $40 million investment in a shopping center located deep within Brooklyn, according to sources familiar with the deal.

The Tel Aviv-based real estate company’s U.S. subsidiary Gazit Horizons has entered into a joint venture with owner Surrey Equities for the leasehold interest at Caesar’s Bay Bazaar in Brooklyn. The shopping center spans 300,000 square feet across 14 acres along the borough’s Bath Beach waterfront, and Gazit acquired a 41 percent economic interest and a 50 percent voting interest in the property.

Anchor tenants include Kohl’s, Best Buy and Modell’s Sporting Goods.Gazit Horizons CEO Jeff Mooallem said the company is still figuring out its specific plans for the complex, but they will likely update at least one of the retail tenants going forward.

“There is a Toys ‘R’ Us in the shopping center, and it’s no secret that they’re going out of business and going through their liquation,” he said, “so that will be a tremendous opportunity to start to change the profile of the asset.”

Mooallem told The Real Deal in an interview last May that his company had about $2 billion in potential spending power, and it anticipated using much of it on retail assets in major American cities.  In October, the firm bought the Brodsky Organization’s 92,000-square-foot retail condo at 401 East 60th Street for $73.3 million.

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Local

More in Local

d4de519e0f74cd183f5241a576de37bb.jpg

Democrats Promise to Revive The Russia Probe If They Win The House

adminOctober 22, 2018
b94a75efd845fa42a81d7426cfb572c9.jpg

ARRESTED AGAIN: Pizza Deliveryman Arrested By ICE At Brooklyn Military Base Jailed on Domestic Violence Charges

adminOctober 22, 2018
9295a5b0e4e835d10a34bb6203d643fe.jpg

SHIKSA?! UN Ambassador Nikki Haley Pokes Fun at Herself at NY Charity Event

adminOctober 22, 2018
8efc733738742a2a6afd4c4915afa913.jpg

NEW TOOL: Credit Card Limitations For Get Refusers In Israel

adminOctober 22, 2018
39dacafd4f9446e07b6b9c1080bc25da.jpg

SHE CAN STAY: Israel’s Supreme Court Overturns Deportation of American BDS Activist Lara Alqasem

adminOctober 19, 2018
e9c580e4876a2d0e8bd5dfacc570fe2c.jpg

U.S. Navy Helicopter Crashes On USS Ronald Reagan In Asia, Sailors Hurt

adminOctober 19, 2018
40d09691d037c70f0175319962c4fd29.jpg

Trump Organization Sues Man Who Died In Trump Tower Fire

adminOctober 19, 2018
01f7e6c814135f9890e7ba67550f5c56.jpg

Twitter Releases Archive of 10 million Tweets From State-Backed Troll Accounts

adminOctober 18, 2018
4de607e38cb91049f817c5fea9d76ce2.jpg

Trump Asks Cabinet To Cut Next Year’s Budgets By 5 Percent

adminOctober 18, 2018