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Shady Grove Fertility Leases 50,000 Sq Ft At Shady Grove Medical Pavilion In Rockville, Md

Shady Grove Medical Pavilion now nearly 70% leased

DENVER: Broe Real Estate Group (“Broe”), an affiliate of The Broe Group, has announced a 15-year lease with Shady Grove Fertility for 50,000 square feet at the Shady Grove Medical Pavilion in Rockville, MD. Located at 9601 Blackwell Road, the 122,000 square foot Class A building is situated in the heart of the Shady Grove Life Sciences Center and within walking distance of both the Shady Grove Adventist Hospital and Johns Hopkins’ Montgomery County campus.

“We are excited to continue to offer our patients world class premier fertility services in an expanded state of the art facility in Rockville. Working with Broe Real Estate Group has been a wonderful experience and we look forward to a long successful relationship with them,” said Mark Segal, CEO, Shady Grove Fertility.

Shady Grove Fertility is the fourth medical group to commit to the property this year, joining Shady Grove Orthopedics, Adventist Healthcare (radiology center) and Schreiber Allergy. Since acquiring the asset in August 2014, Broe has leased more than 70,000 square feet and increased the percentage of the property leased from 10% to 68%.  Broe is actively marketing the remaining 48,000 square feet of available space exclusively to medical service providers.

“Attracting another prestigious medical provider like Shady Grove Fertility represents a major step forward in our efforts to establish Shady Grove Medical Pavilion as the premier medical office facility in Rockville.  Both tenant and landlord have made a significant commitment to this property and we look forward to providing a first class facility and real estate services over the next several years” said Brian Cornell, Vice President at Broe Real Estate Group.

Nicholas Zuppas of Gittleson Zuppas represented the tenant in the transaction and Chuck Feitel and Leonard Brown of HPRG represented the landlord.  More information about Shady Grove Medical Pavilion can be found at www.shadygrovemedical.com.

Note to Editors: Photos of Shady Grove Medical Pavilion are available.

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 asset base.  The Broe Group and its affiliates employ more than 1,000 people directly and provide employment for countless others 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 Shady Grove Fertility

Shady Grove Fertility is a leading fertility and IVF center of excellence offering patients individualized care, innovative financial options, and pregnancy rates among the top 5 percent of all national centers. Since 1991, more than 37,000 babies have been born to patients from all 50 states and over 35 countries around the world. Shady Grove Fertility physicians actively train residents and reproductive endocrine fellows and invest in continuous clinical research and education to advance the field of reproductive medicine through numerous academic appointments and partnerships with Georgetown Medical School, Walter Reed, and the National Institutes of Health.  Today, 32 reproductive endocrinologists, PhD scientists, geneticists, and more than 600 highly specialized Shady Grove Fertility staff care for patients in 18 full-service offices, and four satellite sites throughout Pennsylvania, Maryland, Virginia, and Washington, DC. For more information, call 1-888-761-1967 or visit www.ShadyGroveFertility.com

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Broe Real Estate Group Breaks Ground on Country Club Towers II

Denver Mayor, Councilman and business leaders speak at ceremony
Construction project to employ 1,000 workers, provide workforce training

Denver – Broe Real Estate Group, an affiliate of The Broe Group, has started construction on a major, residential apartment building project that will employ up to 1,000 construction workers and provide high-quality housing with innovative design in a supply-constrained market. Denver’s newest landmark apartment building, the twin 31-story Country Club Towers II, will be located in the West Wash Park neighborhood near the intersection of South Downing Street and East Bayaud Avenue. The first units will be available to renters in mid-2017.

A groundbreaking ceremony held today featured Denver Mayor Michael Hancock, Councilman Chris Nevitt, Sean Broe representing The Broe Group, Doug Wells and Carl Luppens of Broe Real Estate Group, Gary Rafferty of Swinerton Builders and Michael Gifford of the Associated General Contractors of Colorado. The speakers praised the project and the job training that is to be provided by Swinerton and Associated General Contractors of Colorado.

“We are delighted that the Country Club Towers II project will benefit the local economy by training and developing the next generation of Denver’s workforce, helping to fill the construction industry’s continuing need for a skilled workforce, : said Mayor Hancock.

“The Broe family and The Broe Real Estate Group are making a significant investment to develop Country Club Towers II, and are showing our long-term commitment to Denver by offering residents high-quality homes in an attractive urban setting,” said Sean Broe.  “The development, which will include ample parking and plenty of green space, is a striking enhancement to the existing property and the highly desirable Denver community of West Wash Park. People want to live near downtown Denver, and we are pleased to be able to provide state-of-the-art, energy-efficient residences that are close to where they work and play.”

Country Club Towers II will offer 552 apartments and 1,005 structured parking spaces, which is double the zoning requirements. Each apartment will have floor-to-ceiling, energy-efficient bay windows offering panoramic views, granite surfaces, stainless steel appliances, and in-unit washers/dryers. Amenities include a lap pool with 26,000-square-foot deck, fitness center, yoga rooms, bike repair station, multiple outdoor patios and an indoor common kitchen and clubhouse. Additionally, the existing apartments in the Country Club Gardens and Towers are being renovated as part of the project.

“Country Club Towers II represents a new strategic focus for Broe Real Estate Group to develop high-quality, state-of-the-art residential rental housing in supply-constrained urban markets in the U.S. Country Club Towers II is the first of several projects Broe Real Estate Group expects to undertake over the next several years,” said Doug Wells, CEO of Broe Real Estate Group.

Considerable infrastructure work supporting this project and benefitting the local community has already been completed including replacement of 100-year-old water lines for residences along Downing and Ogden streets.  In addition, plans call for installation of a signal at Downing and Bayaud streets to address existing traffic challenges. In addition, several acres of the development have been left in a park-like open space condition to ensure the property retains its existing character.

In addition to the benefit of 1,000 new construction jobs for the project, general contractor Swinerton Builders is providing training, including employing college interns on the project for the summer, which will help prepare these future professionals for the rigors of the commercial construction industry.

The architect for Country Club Towers II is Solomon Cordwell Buenz of Chicago. Led by Swinerton, the balance of the team is locally based, and includes RK Mechanical, Weifield Group, S.A. Miro, Kimley Horn and StudioInsite. The project was approved by the Denver City Council more than 12 years ago and is consistent with zoning that has been in place for more than 50 years. Broe Real Estate Group is working with the Landmark Preservation Commission and other partners and stakeholders to ensure the best possible project for the city, the neighborhood and residents.

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 atwww.broerealestate.com.

About The Broe Group

The Broe Group, based in Denver, Colorado, is a diversified privately-owned enterprise with a multi-billion asset base.  The Broe Group and its affiliates employ more than 1,000 people directly and provide employment for countless others 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 Swinerton Builders
Swinerton Builders has been providing general contracting, construction management and tenant improvement services in Colorado since 1942. Organized in 1888, Swinerton provides commercial construction and construction management services throughout the Western United States and is a 100 percent employee-owned company.  Recognized as a Top 100 Workplace of 2015 by The Denver Post, Swinerton is devoted to Colorado with a passion for delivering the highest quality product through innovation, integrity, and experience. For more information onSwinerton, visit www.swinerton.com.

About SCB
Solomon Cordwell Buenz (SCB) is recognized as one of the nation’s leading designers of high-rise residential buildings, bringing a balanced understanding of high-level design, technical innovation, sustainability and strict adherence to project budgets. Over the years we have completed design and construction of more 105 high-rise multifamily residences, have won many of the industry’s highest honors, and pioneer LEED design in the United States. Since its founding, SCB has been at the forefront of high-density, multifamily apartment design. For more information on Solomon Cordwell Buenz, visit www.scb.com.

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Douglas Wells Joins Broe Real Estate Group as CEO

Denver  Broe Real Estate Group, a leading investor and manager of commercial real estate across the US, today announced that Douglas Wells is joining the company as CEO, effective immediately. In his new role, Wells leads all operational, investment and capital market activities for Broe Real Estate Group and its affiliates.

“Doug is a great find for Broe Real Estate Group, and The Broe Group. Along with the leaders of our transportation and oil and gas business units, he is indicative of the caliber of people we’ve added over the last few years to strengthen our management capability and implement best practices across the value creation chain,” said Claude Pumilia, Chief Operating Officer for The Broe Group.

“Doug has a critical mix of financial expertise and operating experience. Given his exceptional performance in his previous executive roles, we expect Broe Real Estate Group to experience significant growth under his leadership.”

Wells was previously Chief Investment Officer of Shelter Canadian Properties Limited, a real estate investment management company. Before that, he spent 15 years with Lazard Real Estate Partners, most recently as Managing Principal with investment management responsibility for five real estate opportunity funds, which at its peak totaled more than $3 billion of committed partner capital invested in the hospitality, office, industrial, retail, senior living and structured finance sectors. As part of his role at Lazard, Wells also served as President of InTown Suites, Inc., an Atlanta based extended-stay hotel company with 127 locations. He was previously with The Mutual Life Insurance Company of New York/ARES Realty Capital, and started his real estate career with Shelter Corporation of Canada Limited.

Wells received his B.A. from Trent University in Peterborough, ON and his M.B.A. from University of Denver.

“Broe Real Estate Group has an impressive real estate investment management platform with a track record of superior returns across all major property sectors through many investment cycles. I’m looking forward to the challenge of helping to take an already successful real estate investment management firm to the next level,” said Wells.

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 and its affiliates, based in Denver, Colorado, employ more than 1,000 people and own and/or manage commercial real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway. Its energy affiliate, Great Western Oil & Gas Company, is a top 100 driller in the U.S. For more information, see www.broe.com.

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Broe Real Estate Group Affiliate Recapitalizes Office Complex Near Milwaukee

Transaction launches Broe Real Estate Group’s $100 million Equity Solutions program for capital constrained real estate investors

Denver – Broe Real Estate Group, a leading investor and operator of commercial real estate assets across the US, is recapitalizing the One Riverwood Place & Two Riverwood Place offices in Pewaukee, WI, under a managed affiliate. The two office buildings, which were constructed in 1999 and 2001, and total 197,000 square feet of Class A space, are now 72% leased.

As part of the transaction, Broe’s affiliate is assuming a $26.5 million dollar CMBS loan through a recapitalization. Broe will assume all asset management responsibilities and will fund all future capital improvements and leasing costs. The property was originally acquired by a Tenant-in-Common (TIC) group of investors in 2007 for $36.5 million.

“We are excited about the Riverwood recap because it’s a great property in a strong suburban market. The transaction also represents the first of many recapitalizations Broe plans to close in 2015 with our new Equity Solutions program,” said Jim Crawford, Vice President – Acquisitions, Broe Real Estate Group.

The Riverwood recapitalization is part of a $100 million program called “Equity Solutions,” which provides capital to TICs and other capital constrained partnerships that need additional capital for refinancing, capital expenditures, leasing costs, legal fees and other real estate related costs.

TIC structures were popular in the mid 2000’s because they allowed individuals to avoid capital gains taxes by re-investing proceeds from other real estate/asset sales. Many TIC investments soured due to the high prices paid for the properties during the height of the real estate cycle, high fees charged by TIC sponsors and the lack of additional sources to fund leasing costs and capital expenditures when initial reserves were depleted.

The Riverwood TIC members were represented by National Asset Services, a Los Angeles-based asset manager specializing in management of TIC groups across the country. National Asset Services will remain involved in the transaction by continuing to work with the TIC investors and will support Broe in the asset management of the property.

“The Broe team was great to work with. They are solution oriented professionals who helped get the TIC investors out of a difficult situation in a fair and non-predatory manner,” said Karen E. Kennedy, President of National Asset Services. “Broe not only brings capital but also years of experience and know-how that will help turn around the property.”

Broe Real Estate Group hired NAI MLG Commercial in Milwaukee to be the property manager and leasing broker. Tim Janusz and Rachel Schmidt, both Senior Vice Presidents at MLG, head the leasing team.

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 and its affiliates, based in Denver, Colorado, employ more than 1,000 people and own and/or manage commercial real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway. Its energy affiliate, Great Western Oil & Gas Company, is a top 100 driller in the U.S. For more information, see www.broe.com.

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The Broe Real Estate Group Sells Denver’s Trinity Place Office Building to Velocis Partners

Denver – The Broe Real Estate Group, a leading owner and manager of commercial real estate across the US, has sold Trinity Place, a 17-story office building in downtown Denver, to Velocis Partners of Dallas. The purchase closed December 15, 2014. The price was not disclosed.

Located at 1801 Broadway, Trinity Place is a 195,753 square foot building in the Midtown East micro-market of Denver’s dynamic central business district. The office is currently 89% leased to 40 tenants including Broe affiliate Great Western Oil & Gas, Forrester Oil & Gas, Bank of Colorado and Trinity Grille, as well as other energy, professional services and legal service firms. Tenants are within walking distance to Brown Palace Hotel, Sixteenth Street Mall and Restaurant Row and have quick access to Denver’s Light Rail, the Downtown Circular and other major thoroughfares.

“The stabilization of Trinity Place prior to the sale resulted from an aggressive capital improvement plan, rapidly improving downtown market fundamentals and a niche focus on energy and professional services firms. Velocis is acquiring a quality asset with a stable roster of tenants and continued growth opportunities as leases roll to higher market rates,” said Scott Gibler, Managing Director of The Broe real Estate Group.

Trinity Place was built in 1981, acquired by Broe in October 2006 from Equity Office Properties and renovated in 2012.  Last year Broe sold nearby 1700 Broadway, a 400,000 square foot, 23-story office building, to Canadian REIT Artis in partnership with MDC realty. Mary Sullivan and John Jugl of Holliday Fenoglio Fowler, L.P. marketed both properties exclusively.

“Trinity Place caters to small-to mid-sized tenants, offering a boutique atmosphere in a traditional and distinctive building,” said Mike Lewis, Velocis principal. “Additionally, the building’s proximity to the city’s popular attractions as well as a multitude of thriving downtown businesses neighboring the asset provides tenants a truly walkable lifestyle.”

Velocis has been active in real estate investment since 2011, purchasing 15 assets located in markets in Texas, Colorado, Georgia, Florida and North Carolina. Velocis is led by a team of five seasoned principals who are directly responsible for the acquisition, asset management and disposition of assets. In addition to Lewis, principals include Fred Hamm, Jim Yoder, Paul Smith and David Seifert.

About The Broe Real Estate Group
The 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, employs more than 2,000 people and manages 29 million square feet of real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway. Its Great Western Oil & Gas Company is a top 100 driller in the U.S. For more information, see www.broe.com.

 

About Velocis, LLC
Velocis consists of real estate funds and Velocis Advisors, LLC. Velocis is active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Velocis Advisors, LLC provides asset management and advisory services to both investors and real estate clients. Additional information about Velocis can be found at http://velocis.com/.

 

Past performance does not predict future results. This article does not constitute an offer to sell, or a solicitation of any offer to buy any securities of the Fund, nor is it intended to be a description of all material factors an investor should consider before investing in the Fund.  Prior to making an investment decision, prospective investors should carefully review the offering documents of the Fund for a description of material factors to consider, including risk factors and investor suitability requirements.