The longtime owner of a Fort Lauderdale retail center has secured refinancing for the Galt Ocean Marketplace. The financing amount on the 105,000-square-foot grocery-anchored retail center was $17 million. The center was acquired in 2006 by Kitson & Partners. Built in 1988, the Galt Ocean Marketplace is 96% occupied by 24 tenants, including Winn-Dixie, CVS, Holy Cross Hospital, and McDonalds.
Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets’ Debt & Structured Finance group represented the borrower in the transaction. A regional bank provided the loan.
“Galt Ocean Marketplace is incredibly unique real estate with 8 acres located directly on A1A, just one block off of the beach in the Galt Ocean Mile in Fort Lauderdale” said CBRE Senior Vice President Paul Ahmed.
According to CBRE’s 2023 U.S. Real Estate Market Outlook Midyear Review, retail fundamentals remain strong despite sustained headwinds.