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.