Denver – The Broe Real Estate Group, a leading owner and manager of commercial real estate across the US, has sold Trinity Place, a 17-story office building in downtown Denver, to Velocis Partners of Dallas. The purchase closed December 15, 2014. The price was not disclosed.
Located at 1801 Broadway, Trinity Place is a 195,753 square foot building in the Midtown East micro-market of Denver’s dynamic central business district. The office is currently 89% leased to 40 tenants including Broe affiliate Great Western Oil & Gas, Forrester Oil & Gas, Bank of Colorado and Trinity Grille, as well as other energy, professional services and legal service firms. Tenants are within walking distance to Brown Palace Hotel, Sixteenth Street Mall and Restaurant Row and have quick access to Denver’s Light Rail, the Downtown Circular and other major thoroughfares.
“The stabilization of Trinity Place prior to the sale resulted from an aggressive capital improvement plan, rapidly improving downtown market fundamentals and a niche focus on energy and professional services firms. Velocis is acquiring a quality asset with a stable roster of tenants and continued growth opportunities as leases roll to higher market rates,” said Scott Gibler, Managing Director of The Broe real Estate Group.
Trinity Place was built in 1981, acquired by Broe in October 2006 from Equity Office Properties and renovated in 2012. Last year Broe sold nearby 1700 Broadway, a 400,000 square foot, 23-story office building, to Canadian REIT Artis in partnership with MDC realty. Mary Sullivan and John Jugl of Holliday Fenoglio Fowler, L.P. marketed both properties exclusively.
“Trinity Place caters to small-to mid-sized tenants, offering a boutique atmosphere in a traditional and distinctive building,” said Mike Lewis, Velocis principal. “Additionally, the building’s proximity to the city’s popular attractions as well as a multitude of thriving downtown businesses neighboring the asset provides tenants a truly walkable lifestyle.”
Velocis has been active in real estate investment since 2011, purchasing 15 assets located in markets in Texas, Colorado, Georgia, Florida and North Carolina. Velocis is led by a team of five seasoned principals who are directly responsible for the acquisition, asset management and disposition of assets. In addition to Lewis, principals include Fred Hamm, Jim Yoder, Paul Smith and David Seifert.
About The Broe Real Estate Group
The 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, employs more than 2,000 people and manages 29 million square feet of 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 Great Western Oil & Gas Company is a top 100 driller in the U.S. For more information, see www.broe.com.
About Velocis, LLC
Velocis consists of real estate funds and Velocis Advisors, LLC. Velocis is active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Velocis Advisors, LLC provides asset management and advisory services to both investors and real estate clients. Additional information about Velocis can be found at http://velocis.com/.
Past performance does not predict future results. This article does not constitute an offer to sell, or a solicitation of any offer to buy any securities of the Fund, nor is it intended to be a description of all material factors an investor should consider before investing in the Fund. Prior to making an investment decision, prospective investors should carefully review the offering documents of the Fund for a description of material factors to consider, including risk factors and investor suitability requirements.
