Developer Josh Bruno has acquired two more shopping centers and mixed-use buildings on Algiers at 3321 General de Gaulle Dr. Bruno has been on a tear lately, having just acquired the 16 acre, 336 unit Oakmont Apartments last month.
Bruno’s acquisition of Galridge Center I and Galridge Center II include a mixed use office and shopping center, as well as a retail building and an empty parcel of commercially zoned land. The properties are 4,400 square feet and 3,600 square feet, respectively.
Bruno told CanalStreetBeat that the buildings are currently 90% leased with national and local tenants that have rented space for years. Some of the larger well known tenants include State Farm Insurance, Crescent Title, Liberty Tax as well as a number of professional service firms ranging from law firms, production companies to medical offices. According to a property listing, Galridge Center I generates approximately $64,000 in revenue each year.
Downtown Development Group, will be working with national retail/food tenants for a ground up-build to suit of the vacant land looking forward to place their business on this high traffic corridor on a hard corner, in addition to adding a 2nd floor to the existing one story shopping center already leased fully.
“I’m very happy to add another high profile location to my commercial portfolio in the Algiers area. This is just one of many assets and company have been working to acquire before year-end. I’m very bullish on the West Bank and mainly the Algiers area due to the Medical corridor and Federal City Development. Given the high ground, and large traffic count this area is prime for expansion and additional development needed to satisfy the ever-growing housing and retail/office space demand” Bruno told CanalStreetBeat.
The seller was Jackson Avenue Properties, Inc., a corporation owned by Michael Dendy and Arshad Casbarian.
Rise Management, another Bruno, Inc. subsidiary, has been retained to manage Galridge Center I and II.
This is Bruno, Inc.’s third development in Algiers this year.
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[…] Bruno also owns many other commercial and multi-family properties, including the recently acquired Oakmont Apartment and two Algiers shopping centers. […]
[…] Josh Bruno paid $1.2 million for the property last year and his budget for the development was $2.6 million. Citizen Bank & Trust Co. is providing the […]