Broe Real Estate Sells 163KSF Retail Asset for $19.5M
- Aug 18, 2016
Dallas—Broe Real Estate Group recently completed the sale of a 163,545-square-foot retail property in Dallas for $19.5 million. Located at 2800 Forest Lane, the property is leased to Home Depot on a triple-net basis under a long-term lease.
“We are pleased to have completed this transaction which represents the second leg of a true 1031 Exchange, wherein Broe acquired Oceanview Village Shopping Center, a 98,406 square foot mixed-use development located in San Francisco and subsequently sold the Home Depot property to the same party,” said Doug Wells, CEO of Broe Real Estate Group, in prepared remarks. “This transaction represented a unique opportunity to exchange a stable asset at a good valuation for an attractive ‘value-add’ opportunity in a very strong infill location in a Gateway city.”
Broe acquired the Dallas retail building and an adjacent office building in 1998. In 2014, the property was subdivided to sever off the office building and the Home Depot lease was subsequently restructured to extend the lease term creating an attractive triple net leased retail property.
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