…center is expected to create at least 25 new jobs in the Great Western Industrial Park during the next three years, according to the company.
…center is expected to create at least 25 new jobs in the Great Western Industrial Park during the next three years, according to the company.
Great Western Industrial park sees rapid job growth on edge of ‘industrial renaissance’ Welcome back! Welcome back! If you already have a login,
Up to 2,600 direct and indirect jobs result from rapid expansion
Denver – Amid a sea of news about oil and gas layoffs and operators closing or downsizing their Colorado offices, the Great Western Industrial Park (GWIP) in Windsor, Colo., marketed by Great Western Development Co., an affiliate of the Broe Group and OmniTRAX Inc., is providing a bright spot of growth as businesses there prepare to add approximately 575 new jobs in 2015. These high-paying manufacturing positions will translate into an additional 1,250 to 2,000 indirect jobs for the surrounding communities, according to U.S. Bureau of Economic Analysis.
The workforce at GWIP now stands at about 1,500. The additional expansion planned for 2015 is expected to bring the total to more than 2,000, with job growth anticipated for each of the next five years. Several more companies are planning to develop land and/or add new jobs in the park during the next 18 months, which will bring the total to an estimated 2,200.
Companies currently operating in GWIP include Vestas, Carestream, Front Range Energy, Halliburton, Hexcel, Kodak, Colorado National Guard, Musket, Cargill and Schlumberger. In addition, Crall Products is planning to build a facility in the park before 2017, bolstering the job growth.
“Since it opened in 1999, the Great Western Industrial Park has consistently added businesses, and with that growth has come steady increase in employment, totaling more than 1,000 new jobs in the past decade,” said Jenni Stanford, Director of Industrial Development, northern Colorado at Great Western Development Co. “We know this is especially important to the stability and vitality of the local community.”
Situated along Colorado’s northern Front Range, GWIP is part of a coordinated, master-planned development that is becoming an epicenter of twenty-first century manufacturing and distribution. The park is the prototype for industrial development along rail corridors and is being emulated at several locations around the country, including Brownsville, TX, Sand Springs, OK and Stockton, CA.
“At Broe, we see an industrial renaissance in the U.S., which we are helping to accelerate through continued investment and growth in Great Western Industrial Park,” said Claude Pumilia, Chief Operating Officer of The Broe Group. “We are always pleased to be able to add jobs, including direct employment for our OmniTRAX, Great Western Oil & Gas and Broe Real Estate Services affiliates, as well as indirectly through GWIP business growth and expansion in northern Colorado.”
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 <http://www.broe.com/> .
About OmniTRAX, Inc.
As one of North America’s largest private railroad and transportation management companies, OmniTRAX’s core capabilities range from providing management services to railroad and port services and to intermodal and industrial switching operations. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at www.omnitrax.com.
Broe Launches $100M Recap Program MILWAUKEE Broe Real Estate Group, a Denver-based investor, has launched a $100 million program to recapitalize…
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 <http://www.broe.com/> .
Broe Real Estate Group gets new CEO Douglas Wells has been named CEO of Broe Real Estate Group, part of Denver-based Broe Group, effective immediately
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 <http://www.broe.com/> .
