This content was originally published by the Longmont Observer and is licensed under a Creative Commons license.
Broe Real Estate Group, a private real estate investment firm, confirmed the purchase of a 461,000 square foot office/lab facility located at 2452 Clover Basin Drive in Longmont, Colo.
The 24-acre business campus was constructed in 1989, and was renovated and expanded in 2001 to facilitate a long-term lease with Maxtor Corporation (now Seagate Technology). In 2007, Seagate vacated the property but continued to make lease payments until the expiration of their lease in 2016. Shortly thereafter, the property was transferred through a deed in lieu of foreclosure transaction to a special servicer.
"This investment is an opportunity to reposition an asset located in a thriving market that has been locked within a broken capital structure for nearly 10 years," said Broe Real Estate Group CEO Doug Wells. "Broe will transform the property by providing focused asset management and the capital investment to fund building improvements that will create a highly desirable, creative office campus environment."
2452 Clover Basin is located off the end of CO 119, known as the Diagonal Highway, which connects Longmont with Boulder and provides a drive time of less than 20 minutes from the property to downtown Boulder. The property benefits from significant walkable retail amenities, nationwide low electricity costs and nationwide high speed ISP data service provided by utilities owned by the City of Longmont.
"Revitalization along the Diagonal means jobs and revenues that benefit us all," said Jessica Erickson, Longmont Economic Development Partnership CEO. "We're pleased to see a well-capitalized local developer investing in local assets to enhance local economic activity. The Broe Group has a history of investing in Northern Colorado and improving surrounding communities."
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. The Broe Group has a 40-year history of value-add real estate investing in Northern Colorado and across the United States. We improve value though the implementation of focused business plans that increase cash flow and create stable income streams. Additional information is available at broerealestate.com.
SOURCE Broe Real Estate Group
CONTACT: David Madsen, 303-903-8880, [email protected]