Carlsbad, Calif.-headquartered property developer and investor HomeFed Corp. is partnering with London-listed fund JZ Capital Partners Ltd. to develop the latter's Fulton Mall development in Brooklyn, N.Y.

As part of the joint venture, HomeFed purchased a minority interest in the 15-property assemblage for roughly $52.5 million, of which $40.3 million is attributable to JZ Capital, according to a release. The stake was priced in accordance with the mall's net asset value.

The retail development spans upward of 540,000 square feet of buildable space and will be developed by the duo, together with JZ Capital's real estate operating partner, RedSky Capital LLC.