New Orleans Developer Announces New National Acquisitions
New Orleans-based Bruno, Inc., run by developer Joshua Bruno, has announced two additional commercial acquisitions to add to its national portfolio: Circle K convenience store and gas station located at 2302 W. Market Street in Bloomington, IL and Circle K convenience store and gas station located at 1685 S. Baltimore Avenue in Decatur, IL.
“The properties are both located on high traffic thoroughfares and key parcels for future acquisitions and development in the immediate area,” Bruno shares in a release.
Bruno has acquired both assets from national REIT on December 22, 2015 for $6.8mm, with three, five year lease option extensions for both properties. He was able to renegotiate both leases to 15 year NNN leases with escalations starting this quarter.
The company is now in Louisiana, Texas, Mississippi, Florida, Oregon, Montana, Nevada, Illinois, North Carolina, South Carolina, New Jersey, and in Nassau and Rose Island in the Bahamas.
Bruno says he is actively working towards expanding in Cuba through both construction and property development. Additionally, he is involved in a number of commercial deals in the Midwest for fast food franchises.
There are currently no plans to move the company headquarters out of New Orleans. Bruno says he plans to continue to expand in the city. “We look forward to our growth within Metro Louisiana in 2016, as well as expanding our national presence throughout the US market in the commercial sector. With interest rates rising with future rate increases coming it will allow our firm to become more aggressive strategy into entering new cities.”