Bruno Picks Up Algiers Commercial Centers, Plans Further Development
- Jan 12, 2015
Joshua Bruno has been making quite the splash in the New Orleans real estate market, and especially Algiers. Last year, it snapped up several properties, most recently the 336-unit Oakmont Apartments. Now, the real estate developer and property owner has acquired one square block (about one acre) worth of assets on General DeGaulle Drive. The assets include Galridge Center I and II, as well as a vacant commercial lot. The purchase price was not disclosed.
Located just minutes from downtown New Orleans, Galridge Center I features retail space, while Galridge Center II is a mixed-use property sporting a shopping center and office space. According to Canal Street Beat, the properties total 4,400 and 3,600 square feet, respectively. Overall, the assets boast a 90 percent occupancy rate, with the shopping center component fully leased. The stabilized tenant base, with many companies in place for several years, includes Crescent Title, State Farm Insurance and Liberty Tax, along with a number of law firms, medical offices and production companies. Rise Management, a subsidiary of Bruno Inc., will manage the properties and add a number of diversified national tenants. Rise Management will also upgrade the properties with complimentary Wi-Fi, CCTV cameras, LED energy-efficient security lighting , extra signage and increased landscaping features.
“I’m very bullish on the Westbank 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 declared.
With this purpose in mind, another Josh Bruno company, the Downtown Development Group, will add a second floor over the existing shopping center. Downtown Development Group will also collaborate with national retailers and restaurateurs for a ground-up, built-to-suit project on the acquired vacant lot.
Bruno Inc. owns and self manages more than 6 million square feet of commercial and multifamily space.
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