Bridges Development Group has snagged a three-story retail and office complex in south Brooklyn for $31 million, a third of what it traded for six years ago.
The Manhattan-based investor bought the 226,130-square-foot Kingswood Center at 1630 East 15th Street, in Midwood, Crain’s New York reported. The seller was Midland Loan Services, a Kansas-based unit of PNC Bank.
The deal, first reported by the Commercial Observer, works out to $137 per square foot. The seller was represented by brokers Ethan Stanton, Michael Mazzara and Brendan Maddigan of JLL. It’s not clear who handled the buyer.
Midland Loan acquired the commercial complex two years ago for $34 million when its former owner, Urban Edge Properties, handed over the keys after defaulting on a $66 million mortgage loan.
The New York-based real estate investment trust bought the building in early 2020 for $89 million, or $394 per square foot.
Urban Edge still owns the nearby Kingswood Crossing at 1715 East 13th Street, according to its website.
The Kingswood Center, built in 2007 between Kings Highway and Avenue P, is anchored by T.J. Maxx. The building has 100,000 square feet of vacant space available for office, medical or shops, according to a brochure from Lincoln Property, its leasing agent.
It sits above a parking garage for 257 cars, near the Kings Highway subway station on the B and Q lines. It was renovated in 2019, according to Loopnet.
To buy the building, Bridges Development secured a $35 million in financing from an unidentified lender. The loan was arranged by Scott Aiese and Alex Staikos of JLL.
The loan will allow Bridges to “execute its business plan” and lease the vacant space, according to JLL.
Bridges Development, founded in 2017 by Michael Berfield, deals in mid-to-large-market commercial real estate in New York.
In 2022, Bridges and Aurora Capital Associates paid $46 million for a retail leasehold interest in the GWB Market in the George Washington Bridge Bus Terminal. A year earlier, Bridges bought a 290,400 square-foot shopping center in Gravesend, Brooklyn, for $11.1 million.
In August of last year, Bridges and A & H Acquisitions sold a development site in Crown Heights to CW Realty Group for $40 million. The joint venture bought it for $15 million four years earlier.
– Dana Bartholomew
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