Broe Real Estate Group sells Tempe 10/60 Corporate Center for $14,250,000
Denver, CO (November 2016) – Broe Real Estate Group (“Broe”), a leading investment manager of commercial real estate assets affiliated with The Broe Group, and Greenlaw Partners (“Greenlaw”), a California based real estate operating company, have completed the sale of the Tempe 10/60 Corporate Center in Tempe, AZ, for $14,250,000. The property, located at 4415 & 4625 South Wendler Drive, was purchased by an affiliate of Paces Lodging from North Dakota. Cushman & Wakefield represented Broe and Greenlaw in the transaction.
“We originally purchased the property directly from a major special servicer in April 2014 for $3.50 million, and immediately began a $4 million renovation and property reposition, which created significant competitive advantages, and helped to drive robust, near-term leasing success,” said Doug Wells, CEO of Broe Real Estate Group.
The redeveloped property consists of two, two story office buildings totaling 90,000 square feet, and is located along Interstate 10, the area’s largest transportation corridor. Broe and Greenlaw demolished a third building on-site to increase the parking ratio from 5 spaces per 1,000 square feet to 7.1 spaces per 1,000 square feet. The above market parking ratio allowed the owners to target high-density office users and differentiated the property from its competitors. The renovation of the property also included a landscape overhaul, new roofs and HVAC equipment and new interior common areas.
Upon its sale, the campus was 76.4 percent leased, and provided stable cash flow. The significant upside potential for leasing the remaining vacant space was a strong selling point for the property.
About Broe Real Estate Group
Broe Real Estate Group acquires, develops and manages commercial real estate assets. Affiliated companies own and manage office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. For more than 40 years, the company has operated a comprehensive real estate platform to provide complete solutions to maximize return on investment. Additional information is available at www.broerealestate.com.
About The Broe Group
The Broe Group, based in Denver, Colorado, is a diversified privately-owned enterprise with a multi-billion dollar asset base. The Broe Group and its affiliates employ more than 1,000 people directly and provide employment for many more through its Great Western Industrial Park in Northern Colorado. The Broe Group and its affiliates own and/or manage commercial real estate and other businesses across North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations, and is the 2nd largest operator of short-line railroads in the U.S. Its energy affiliate, Great Western Oil & Gas Company, is a top 10 driller in Colorado and among the top 100 drillers in the U.S. The Broe Group has multiple other investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, see www.broe.com.
About Greenlaw Partners
Greenlaw Partners is a full service real estate investment management and operating company that acquires, develops and manages properties. Its core business is the acquisition and management of income and land entitlement projects, creating value within opportunities and maximizing returns for its investors. The firm’s existing portfolio totals approximately four million square feet of commercial space located throughout the Western U.S., with a track record of $1.2 billion in acquisitions since inception.