Galbut and Partners Score Bargain Deal for Fort Lauderdale's Galleria Mall
A joint venture led by Russell Galbut's GFO Investments, InSite Group, Atlas Hill Real Estate, and Prime Finance purchased Galleria Fort Lauderdale for $73 million, a significant discount off the seller's initial asking price.
A joint venture led by Russell Galbut's GFO Investments, InSite Group, Atlas Hill Real Estate, and Prime Finance recently made headlines with their purchase of Galleria Fort Lauderdale, an 800,000-square-foot indoor mall located at 2414 East Sunrise Boulevard. The group paid a total of $73 million for the property, equivalent to roughly $91 per square foot, representing a major discount from the seller's initial asking price.
The acquisition of Galleria Fort Lauderdale is part of the joint venture's larger plans to eventually redevelop the property. The Fort Lauderdale-based InSite Group, led by Ben Shmuel and Ronald Tercer, will oversee the project alongside Atlas Hill, led by Sandeep Mathrani, and Prime Finance, led by John Atwater.
The seller, Keystone