Kingswood Center in Brooklyn\u2019s Midwood neighborhood has a new owner, Commercial Observer has learned.\u00a0<\/p>\n
The 229,926-square-foot shopping center at 1630 East 15th Street sold for $31 million to Michael Berfield\u2019s Bridges Development Group<\/a>, according to broker JLL<\/a>. The sale marks a steep discount from the $89 million that the shopping center fetched in early 2020, the last time it traded.\u00a0<\/p>\n SEE ALSO: Podcast | How AI Helps Brokers Prospect Smarter, with DealGround CEO Dan Mosher<\/a><\/p>\n The three-story, Class B property is currently anchored by T.J. Maxx<\/a>. A LoopNet listing advertises nearly 100,000 square feet of retail and commercial space available for lease. Kingswood Center was constructed in 2007 and renovated in 2019, according to the listing, and features an on-site parking garage.<\/p>\n JLL\u2019s Ethan Stanton, Michael Mazzara and Brendan Maddigan represented the seller, PNC\u2019s Midland Loan Services<\/a>, in direct negotiations with the buyer. A JLL debt team of Scott Aiese and Alex Staikos secured $34.65 million in acquisition financing for the buyer. The firm declined to disclose the lender.\u00a0<\/p>\n The financing will allow Bridges Development Group to execute a business plan of investing in the property and leasing its vacant space, according to a JLL spokesperson.<\/p>\n Midland took possession of the property from its former owner, retail shopping REIT Urban Edge Properties<\/a>, in 2023. The REIT fell behind on a $66 million commercial mortgage-backed securities (CMBS) loan used to acquire the center in February 2020. Following the ill-timed purchase, the shopping center\u2019s annual net operating income fell to $1.9 million and occupancy declined to 35 percent, The Real Deal reported<\/a> at the time.\u00a0<\/p>\n Urban Edge Properties still owns the nearby Kingswood Crossing at 1715 East 13th Street, according to its website.<\/p>\n Spokespeople for Bridges Development Group and PNC did not immediately respond to requests for comment.\u00a0<\/p>\n