Gazit Horizons Acquires Retail Asset in Brooklyn, New York
The Edge Retail, a 60,000 Square Foot condominium project located in the prime waterfront section
of Williamsburg, is the company’s second acquisition in Brooklyn and third in New York City
MIAMI, FL, July 05, 2018 (GLOBE NEWSWIRE) -- Gazit-Globe (NYSE:GZT) (TSX:GZT) (TASE:GZT), a leading global real estate company focused on the ownership, development and management of shopping centers and mixed-use properties in major urban markets, announced today that its wholly owned subsidiary, Gazit Horizons, Inc., has acquired a 60,000 square foot retail condominium complex in the Williamsburg section of Brooklyn for $47.3 million ($790 per square foot). The acquisition is Gazit’s second in Brooklyn in the last two months, and third overall in New York City. HFF’s New York City office, led by Andrew Scandalios and Rob Rizzi, represented the seller in the transaction.
The asset in Williamsburg is the retail component of The Edge, a master-planned luxury complex that includes over 900 residential units, a 500 space parking garage, 1.75 acres of open space, and a New York City ferry terminal transporting commuters and visitors to Wall Street and Midtown Manhattan. The Edge Retail comprises four buildings over two full city blocks along Kent Avenue, Williamsburg’s primary waterfront north-south thoroughfare, between North 4th and North 6th Streets. The population within 1 mile and 3 miles is approximately 150,000 and 1,250,000, respectively, with average household incomes of about $100,000 per year. The 60,000 square foot Edge Retail complex is anchored by a CVS Pharmacy and Brooklyn Harvest market and is 81% leased. Located next door to The Edge in East River State Park is Smorgasburg, the largest weekly open-air food market in America, attracting 20,000-30,000 people to this location every Saturday.
“We have been tracking Williamsburg for some time, and believe that The Edge is the ideal combination of location, tenancy and attractive basis for our business model,” said Jeff Mooallem, CEO of Gazit Horizons, Inc. “Within a quarter mile of The Edge, population has grown by 75% in the past decade, and average household incomes have exploded to over $160,000. There are several notable projects already in development to the north and south of us, so we believe Williamsburg’s waterfront expansion will continue and The Edge will benefit from additional growth in population, in office workers, and in ferry ridership. Adding this Property to our New York City portfolio makes a ton of sense.”
ABOUT GAZIT HORIZONS, INC.
Gazit Horizons, Inc. was formed in May 2017 and invests in income producing real estate throughout the United States. With offices in Miami, New York City, and Boston, the Company actively pursues assets in targeted markets, focusing on major metro areas and growing urban cores of “gateway” cities. Gazit Horizons invests in larger properties with mixed-use potential and looks for unique opportunities to uncover value through diversity of use as well as redevelopment and proactive asset management.
ABOUT GAZIT-GLOBE LTD.
Gazit-Globe is a leading global real estate company focused on the ownership, management and development of retail and mixed use properties in North America, Brazil, Israel, northern, central and Eastern Europe, located in urban growth markets. Gazit-Globe is listed on the New York Stock Exchange (NYSE:GZT), the Toronto Stock Exchange (TSX:GZT) and the Tel Aviv Stock Exchange (TASE: GZT) and is included in the TA-35 index in Israel. As of March 31, 2018 Gazit-Globe owns and operates 104 properties, with a gross leasable area of approximately 2.5 million square meters and a total value of approximately NIS 38.1 billion. In addition, the Company owns 32.5% of First Capital Realty Inc and as of May 28, 2018 4.8% of Regency Centers Corporation.
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