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.