The owner of a popular retail center in Fort Lauderdale has successfully obtained refinancing for the Galt Ocean Marketplace. The loan amount for this 105,000-square-foot grocery-anchored center was $17 million and it was acquired by Kitson & Partners in 2006. With an impressive occupancy rate of 96%, the Galt Ocean Marketplace is home to various tenants such as Winn-Dixie, CVS, Holy Cross Hospital, and McDonalds.
CBRE Capital Markets’ Debt & Structured Finance group represented the borrower in this transaction with Paul Ahmed and Mackenzie Lampman leading the way. The financing was provided by a regional bank.
According to CBRE’s Midyear Review of their U.S Real Estate Market Outlook for 2023 , retail fundamentals remain strong despite facing challenges.
Senior Vice President at CBRE Paul Ahmed stated that “Galt Ocean Marketplace is a unique property situated on eight acres directly on A1A just one block from Fort Lauderdale’s famous beachfront.” This statement highlights its prime location within Galt Ocean Mile making it highly desirable among investors.
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