Category Archives: Real Estate

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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 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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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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Country Club Towers & Gardens Receives Tributes Award From Apartment Association of Metro Denver

Denver: Country Club Towers & Gardens, a development managed by Broe Real Estate Group, a leading investor and manager of commercial real estate assets affiliated with The Broe Group, has earned a Tributes Award from the Apartment Association of Metro Denver. The honor, for Most Outstanding Model Home, was given on November 9, 2015 at a gala event known as the “Academy Awards” of multi-family housing. 

“We’re thrilled to receive this commendation from the AAMD for Country Club Towers & Gardens. Our Regional Property Manager, Eric Ray and his team are constantly striving to improve our multi-family operating platform and it’s great to see their hard work honored,” said Doug Wells, Chief Executive Officer at Broe Real Estate.

Country Club Towers & Gardens was selected from more than 450 nominations in 47 award categories that recognize excellence in the apartment industry. The Country Club Towers and Gardens development consists of 308 units, including 125 historic Gardens apartments and the 20-story, 183-unit Towers building. All apartments in the Towers along with a majority of the common areas have recently been renovated.

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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Country Club Towers & Gardens Receives Tributes Award From Apartment Association of Metro Denver

Denver: Country Club Towers & Gardens, a development managed by Broe Real Estate Group, a leading investor and manager of commercial real estate assets affiliated with The Broe Group, has earned a Tributes Award from the Apartment Association of Metro Denver. The honor, for Most Outstanding Model Home, was given on November 9, 2015 at a gala event known as the “Academy Awards” of multi-family housing.

“We’re thrilled to receive this commendation from the AAMD for Country Club Towers & Gardens. Our Regional Property Manager, Eric Ray and his team are constantly striving to improve our multi-family operating platform and it’s great to see their hard work honored,” said Doug Wells, Chief Executive Officer at Broe Real Estate.

Country Club Towers & Gardens was selected from more than 450 nominations in 47 award categories that recognize excellence in the apartment industry. The Country Club Towers and Gardens development consists of 308 units, including 125 historic Gardens apartments and the 20-story, 183-unit Towers building. All apartments in the Towers along with a majority of the common areas have recently been renovated.

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’s bold move with twin towers

Broe’s bold move with twin towers When Pat Broe developed the 20-story Country Club Towers and Gardens about three decades ago, it was a visionary…

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At 125, Windsor grows from rural roots

…carts move along dirt streets. At the southeast corner of town, the Great Western Industrial Park is home to the Eastman Kodak Co., Vestas and…

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Cargill’s Windsor facility benefits northern Colorado community, attracts new companies [Greeley Tribune, Colo.]

While the addition of Cargill’s new facility in Windsor’s Great Western Industrial Park brings immediate jobs and growth to the area, the company’s…

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Work begins on 31-story towers near Washington Park

…knowledge about the project. Carl Luppens, the project leader with the Broe Group, which owns the building, said his company was waiting for…

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Country Club Towers II Underway

…was delayed last month because of bad weather, has now happened. The Broe Group property will be a 552-unit apartment complex in two towers in…

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Apartments Keep Piling Up in Denver

…booming housing market is driving investors to the city like a magnet. Broe Real Estate Group, an affiliate of The Broe Group is one such investor,

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