Rendering of Target at Ceasar's Bay/ Image courtesy of Gazit Horizons
NEW YORK CITY—Gazit Horizons signed a lease for Target Corporation to open a 90,000-square-foot, two-level store at Ceasar's Bay shopping Center in Brooklyn, NY. The department store that is expected to welcome shoppers in 2020 will be replacing the Toy R Us and Babies R Us stores that closed last year.
Ceasar's Bay is owned and managed by Gazit Horizons in partnership with Brooklyn, New York-based Surrey Equities and its affiliates. Peter Ripka and Jeff Howard from Ripco Real Estate represented both the landlord and the tenant in the lease.
“Adding Target to the anchor tenant lineup at Ceasar's Bay less than one year after Toys R Us and Babies R Us closed their doors is a huge win for the property and the community,” says Jeff Mooallem, president and CEO of Gazit Horizons. “Together with our partners at Surrey and the team at Ripco, we identified Target as the ideal tenant for this unique space shortly after we closed on the purchase in June of 2018.”
At the time Gazit Horizons invested $63 million acquiring ownership interests in the New York City mall and property in the Downtown Crossing district in Boston. Gazit acquired a 41% economic interest and 50% voting interest in Caesar's Bay, a 300,000-square-foot shopping center on 14 acres along the waterfront in Brooklyn, NY.
Ceasar's Bay shopping center in Brooklyn, NY/ Image courtesy of Gazit Horizons
“Ceasar's Bay is one of the most visible and highly trafficked retail destinations in Brooklyn,” says Peter Ripka, co-founder of RIPCO Real Estate. “There was tremendous interest in the former Toys R Us space, as retailers recognize the uniqueness of the property's free open-air parking, access from the Belt Parkway, and strong local and regional demographics. We are confident Target will perform extremely well at Ceasar's.”
Gazit Horizons is a wholly owned subsidiary of Gazit Globe, a real estate company listed on the Tel Aviv Stock Exchange. Target Corporation is listed on the New York Stock Exchange.
Other retailers at the mall include Kohl's, Best Buy and Modell's.
In addition to Ceasar's Bay, Gazit Horizons in July 2018 purchased The Edge retail complex, a 60,000-square-foot retail condominium in Williamsburg, Brooklyn for $47.3 million. This is the retail component of Douglaston Development's Edge Condominiums, a 900-unit luxury residential property.
With offices in New York City, Miami and Boston, Gazit Horizons invests in commercial real estate throughout the US. Focusing on major metropolitan areas and the growing urban cores of gateway cities, the firm seeks income generating assets.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
