The Galleria Mall, which once graced Fort Lauderdale as the city’s prime retail attraction, has been sold to a small consortium of investment and real estate firms that promises to revitalize the pedestrian property into a “community-focused retail and lifestyle destination.”
A news release distributed late Friday described the ambitions of the acquiring firms: GFO Investments, InSite Group, Prime Finance and Atlas Hill Real Estate.
They said they “plan to reimagine the property as a vibrant hub of retail, culture, and community.”
CBRE, the national real estate firm. started the task of finding a buyer in late 2023, when the mall was put up for sale.
“Guided by a commitment to local engagement and economic growth, the partners aim to create a destination that serves the community while attracting visitors from across South Florida,” the buyers’ statement added.
“The Galleria Mall has long been a landmark in Fort Lauderdale, and now we have an opportunity to reimagine it for a new generation,” Ben Shmul, founder of InSite Group, said in the news release. “We look forward to delivering a vibrant, accessible space that will serve the community for decades to come.”
“Our vision is to restore the Galleria as the premier shopping and lifestyle destination for Broward County,” Russell Galbut, founder of GFO Investments, said in the news release. “It will be a place where people can gather, shop, and experience Fort Lauderdale’s diverse and creative energy.”
The multi-block mall opened in the early 1980s on East Sunrise Boulevard just west of the Intracoastal Waterway and east of the Middle River.
Multiple attempts to rejuvenate the massive property failed amid neighborhood objections and other factors. The mall’s current retail roster is highlighted by an Apple store, Macy’s and Dillard’s. Restaurants include Blue Martini, The Capital Grille, P.F. Chang’s and Seasons 52, according to the mall website.
“The Galleria Mall is an integral part of Fort Lauderdale’s retail scene,” said Sandeep Mathrani, founder and managing partner of Atlas Hill Real Estate. “With its distinguished location and rich history, we have a rare chance to create a modern destination that celebrates its legacy while introducing new experiences for both residents and visitors.”
The acquisition group said “detailed plans” would be unveiled in the “coming months.”
No sales price was disclosed. No group representatives were available for interviews.
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