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Broe Real Estate Announces Topping Out of Country Club Towers II and III

DENVER – February 22, 2017 – Denver’s newest landmark luxury apartment buildings, the twin 32-story Country Club Towers II and III, developed by Broe Real Estate Group, an affiliate of The Broe Group, has reached its final height of 328 feet. Construction of the buildings, which are located in the West Wash Park neighborhood near the intersection of South Downing Street and East Bayaud Street, started in May of 2015 and the first units will be available to renters in August of this year.

“The development of Country Club Towers II and III has been a model for teamwork and creative solutions between the owner, architect and the general contractor. We are proud to have achieved this milestone so quickly and are looking forward to delivering a best-in-class new residential community for Denver,” said Doug Wells, CEO of Broe Real Estate Group.

Country Club Towers II and III offers 558 sustainable, luxury, high-rise apartments and 985 structured parking spaces. Each apartment has floor-to-ceiling, energy-efficient windows, granite surfaces, stainless steel appliances and washers/dryers. Amenities include a lap pool with 20,000-square-foot deck, 4,000 square foot fitness center along with yoga and massage rooms, dog spa, bike repair station, two common kitchen areas and related amenity spaces. 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.

The architect for Country Club Towers II and III is Solomon Cordwell Buenz of Chicago, the Colorado office of Swinerton Builders is the general contractor and the major subcontractors include RK Mechanical, Weifield Group, S.A. Miro, Kimley Horn and StudioInsite.

“The logistics of this site has required some creative approaches to the work and moving of people and equipment on and off the property,” said Tim Kretzschmar, Swinerton’s Colorado Division Manager. “After we top out the structures, our focus moves to finishing the interiors as we complete the apartments and amenity areas, as well as install exterior landscaping.”

Note to Editors: Tours and photos of the new buildings are available.

For more details on the apartments, see http://towers2and3.com.

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 manage 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 Company. Its energy affiliate, Great Western Oil & Gas Company, is a top 100 driller in the U.S. For more information, see www.broe.com.

About Swinerton Builders

Swinerton Builders was established in California 1888 and has provided general contracting, construction management, and tenant improvement services in Colorado since 1942. Swinerton’s significant experience with multifamily and in-fill construction is a distinguishing characteristic of the firm. A 100 percent employee-owned company, Swinerton has been recognized as a Denver Top Workplace company by WorkplaceDynamics and is devoted to the region with a passion for delivering the highest quality product through innovation, integrity, and experience.

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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.

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Jeff Sullivan to head Broe Real Estate Group’s San Francisco office

Denver, CO (November 2, 2016) – Broe Real Estate Group (BREG), a leading investment manager of commercial real estate assets affiliated with The Broe Group, has announced that Jeff Sullivan has joined the firm as a Vice President, and will head the company’s San Francisco office. He will be responsible for the acquisition and operation of multifamily assets throughout the Western United States. Mr. Sullivan is also a member of the Management Committee of BREG.

“I am pleased to welcome Jeff to the Broe Real Estate Group management team, as he brings significant investment and management experience, most recently overseeing a $3.4 billion portfolio of multifamily and mixed-use assets in the San Francisco Bay Area,” said Doug Wells, CEO of Broe Real Estate Group. We believe that Jeff will further enhance the strength of the management team, as we seek to continue to grow our business.”

Prior to joining Broe, Mr. Sullivan was an Investment Officer and Assistant Vice President of Investments for Equity Residential (NYSE: EQR), a publicly traded REIT focused on the acquisition, development, and management of high quality multifamily assets. He was previously a Director of Acquisitions and has acquired in excess of $2.6B of mixed-use and multifamily assets throughout New York, Washington DC, San Francisco Bay Area, and Boston. During his tenure at EQR Mr. Sullivan was also responsible for the underwriting and due diligence of $5.6B of EQR’s $9B acquisition of Archstone-Smith from Lehman Brothers. He has previously held positions with JPI Partners and Jones Lang LaSalle.

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.

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Broe Real Estate Group sells Dallas retail property for $19.5 million

Denver, CO (August 3, 2016) – Broe Real Estate Group (“Broe”), a leading investment manager of commercial real estate assets affiliated with The Broe Group, has completed the sale of a retail property located in Dallas at 2800 Forest Lane, for $19.5 million.  The 163,545 square foot building is leased to Home Depot on a triple-net basis,  under a long-term lease.

“We are pleased to have completed this transaction which represents the second leg of a true 1031 Exchange, wherein Broe acquired Oceanview Village Shopping Center, a 98,406 square foot mixed-use development located in San Francisco and subsequently sold the Home Depot property to the same party,” said Doug Wells, CEO of Broe Real Estate Group.  “This transaction represented a unique opportunity to exchange a stable asset at a good valuation for an attractive ‘value-add’ opportunity in a very strong infill location in a Gateway city.”

Broe acquired the Dallas retail building and an adjacent office building in 1998.  In 2014, the property was subdivided to sever off the office building and the Home Depot lease was subsequently restructured to extend the lease term creating an attractive triple net leased retail 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 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.

 

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Peter Albro joins Broe Real Estate Group as a Vice President

Denver, CO (July 26, 2016) – Broe Real Estate Group (BREG), a leading investment manager of commercial real estate assets affiliated with The Broe Group, has announced that Peter Albro has joined the firm as a Vice President. In his new position, he will be responsible for the oversight of a portfolio of existing real estate investments and exploring growth opportunities. He will also join the Management Committee of BREG.

“I am pleased to welcome Peter to the Broe Real Estate Group management team, he brings significant institutional investment management experience having worked with both a large instutional investor and a third party investment management firm,” said Doug Wells, CEO of Broe Real Estate Group. We believe that Peter will further enhance the strength of the management team, as we seek to continue to grow our business.”

Prior to joining Broe, Albro was a Vice President of Acquisitions and Portfolio Management for Penwood Real Estate Investment Management in Hartford, CT. He was a key member of the acquisitions team, with a focus on value-add investments in New Jersey and Southern California. Albro has also previously worked for Cigna Realty Advisors in Hartford as Vice President of Acquisitions where he closed 12 joint venture equity investments totaling $1.1 billion in gross asset value and 11 debt investments totaling $303 million, among many other notable achievements. He has also held positions with Starwood Capital Group and Vail Resorts Management Company.

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.

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Broe Real Estate Group closes on acquisition of Oceanview Village Shopping Center in San Francisco

San Francisco, CA (March 14, 2016) – Broe Real Estate Group (“Broe”), a leading investment manager of commercial real estate assets affiliated with The Broe Group, has acquired Oceanview Village Shopping Center in San Francisco, California, for $30.6 million. Citivest Commercial (“Citivest”), a real estate operating company specializing in value-add retail investments, will serve as the operating partner.

The 98,406 square foot, mixed-use development is located at 3931-3981 Alemany Blvd. It is part of a mixed-use project built in 2002 that includes 370 condominiums above the ground floor retail space. The condominiums were not included in the purchase. Existing tenants include Albertsons, Walgreens, 24-Hour Fitness and Chase Bank. The grocery store and pharmacy spaces have long-term lease commitments, however both tenants are not in operation. Broe and Citivest plan to reposition the property via multiple improvements, including façade upgrades, new landscaping, entrance lighting, parking lot improvements and a new signage program.

“We are very excited about this new partnership with Citivest, and we believe the investment represents an excellent repositioning opportunity in one of the strongest retail markets in the country,” said Doug Wells, CEO of Broe Real Estate Group. “The upgrades we have planned, combined with an outstanding location, make the shopping center extremely well-positioned to leverage its customer base and enhance value.”

“Sourcing a shopping center in the heart of San Francisco, where supply is highly limited, is extremely difficult,” explains Larry Weese, President of Citivest Commercial. “The ability to acquire a retail asset that not only boasts a prime location, but also presents enormous potential for value creation is a testament to the team.”

Broe and Citivest were attracted to the shopping center’s stable cash flow, with existing credit tenants, as well as its excellent demographics as nearly 60,000 people live within one mile of the property, and 360,000 people live within three miles. The property also benefits from its location, adjacent to the 280 Freeway and close proximity to the Daly City BART Station. The venture has hired Crosspoint Realty to be its Property Manager and selected Todd Oliver and Drew Greenspan with Cushman & Wakefield as its leasing representatives.

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
-more-
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 Citivest Commercial Investments, LLC
Citivest Commercial Investments (Citivest) is a related company to Citivest, Inc. The Citivest partners are Dana Haynes, Dwight Belden and Larry Weese.

Headquartered in Newport Beach, California, Citivest is a privately held owner, operator and developer of commercial real estate. The company’s executives, each with over 25 years of retail experience, have an extensive multi-cycle track record in the retail sector with a focus on value-add acquisitions and repositions along with select ground-up development projects.

Citivest is a proven buyer of value-add and opportunistic retail properties across the Western US, with a particular focus on high barrier to entry submarkets in California. The company’s typical value-add asset strategies leverage the firm’s leasing relationships, development capabilities and overall asset management strength. To date, the Principals of Citivest have round-tripped $1 billion in value-add/opportunistic retail properties.

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People on the move, 2/19/2016

…manager. Walter Armer and Andy Poremba have joined the Broe Real Estate Group. The Louisville Downtown Business Association welcomes Jennifer…

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Broe Real Estate Group Updates Leadership Team for Growth

DENVER: Broe Real Estate Group, an affiliate of The Broe Group, announced two additions to its leadership team to augment the company’s asset management, development and construction capabilities. Walter Armer joins as Vice President, Development and Portfolio Management with responsibilities for the Broe Real Estate Group multi-family portfolio including the building and marketing of Country Club Towers II. Andy Poremba joins as Vice President, Construction, and will support Armer in the development of Country Club Towers II.

“Walter and Andy bring great experience and enthusiasm to our team at a time when we’re poised for tremendous growth. Their expertise will be particularly valuable with the Country Club Towers II project and considerably enhances the construction and development capabilities of Broe Real Estate Group. We’re glad to have them on board,” said Doug Wells, CEO of Broe Real Estate Group.

Armer, who has 25 years of multi-family asset management and development experience, joins Broe Real Estate Group from the CORE Companies, a private multi-family development firm based in San Jose, CA. He holds a B.S. in Business Administration from the University of Phoenix and an M.B.A. from the F.W. Olin Graduate School of Business at Babson College.

Poremba has 25 years of construction and development experience to BREG and is joining Broe Real Estate Group from ServiceStar Development Company, where he spent 14 years, most recently as Director of Construction. He is a graduate of Colorado State University with a B.S. in Industrial Construction Management.

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.

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Broe Real Estate Group Updates Leadership Team for Growth

Broe Real Estate Group Updates Leadership Team for Growth Industry Veterans Walter Armer and Andy Poremba join to strengthen new residential…

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Broe Real Estate Group Updates Leadership Team for Growth – WDRB 41 Louisville News

Broe Real Estate Group Updates Leadership Team for Growth – WDRB 41 Louisville News DENVER –(BUSINESS WIRE) Broe Real Estate Group, an affiliate…

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