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Bridges Development Group buys Brooklyn shopping center for $31M
The 229,926-square-foot, Class B center was financed with $34.65 million in acquisition debt and has about 100,000 square feet listed for lease.
Bridges Development Group has acquired Kingswood Center in Brooklyn’s Midwood neighborhood for $31 million, Commercial Observer reports, citing broker JLL. The property is a three-story, Class B shopping center at 1630 East 15th Street with 229,926 square feet of space, anchored by T.J. Maxx.
The sale price represents a steep drop from the $89 million the shopping center fetched in early 2020, the last time it traded. A LoopNet listing associated with the deal advertises nearly 100,000 square feet of retail and commercial space available for lease.
JLL’s debt team secured $34.65 million in acquisition financing for the buyer, according to the report. JLL represented the seller, PNC’s Midland Loan Services, and the financing will be used to execute Bridges Development Group’s plan to invest in the property and lease vacant space, a JLL spokesperson said.
Midland took possession of the center in 2023 from Urban Edge Properties, a retail shopping REIT. The previous owner fell behind on a $66 million CMBS loan tied to the February 2020 acquisition, after which the center’s annual net operating income declined to $1.9 million and occupancy fell to 35 percent, The Real Deal reported at the time.