Gazit Horizons Invests an additional $63 million in New York City and Boston
In Brooklyn, NY, the Shopping Center Ceasar’s Bay Bazaar Spans Over 14 Acres along Brooklyn’s Waterfront; Gazit Horizons also acquired two additional assets in the Downtown Crossing District in Boston
MIAMI, June 06, 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 entered into a joint venture for the leasehold interest in Ceasar’s Bay Bazaar, a 300,000 square foot shopping center on 14 acres along the Brooklyn, New York waterfront, and has also acquired two additional assets in Boston, Massachusetts.
The property in Brooklyn, in which Gazit acquired a 41% economic interest and 50% voting interest, is one of the strongest retailer sales volume locations in metro New York, and is directly accessible from the Belt Parkway (140,000 vehicles per day). The population within 3 miles and 5 miles of the property is approximately 700,000 and 1,400,000, respectively, with average household incomes of about $75,000 per year. The property is anchored by Kohl’s, Best Buy and Modell’s Sporting Goods, with another anchor space currently occupied by Toys R Us scheduled to vacate later this year.
In addition, Gazit Horizons announced that it has acquired two assets in the Downtown Crossing district of Boston, at 467 Washington Street and 43 Winter Street. Both assets are located near two MBTA subway stations and surrounded by some of the city’s newest retail, restaurant, hotel and residential developments.
“Our acquisitions in Brooklyn and Boston this past week, at a total combined investment of over $63 million dollars, are consistent with our strategy of finding urban, irreplaceable retail real estate in our target markets,” said Jeff Mooallem, CEO of Gazit Horizons, Inc. “Having a local presence in both markets enabled us to secure these opportunities, and we expect them to be strong financial performers for our portfolio in the near future. We are excited to add to our holdings in both of these critical markets.”
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.
FOR ADDITIONAL INFORMATION
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A photo accompanying this announcement is available at
