Broe Real Estate Snags CO Asset
- Jan 05, 2018
Broe Real Estate Group has acquired an office/lab facility in Longmont, Colo. Located at 2452 Clover Basin Drive, the 461,000-square-foot business campus is situated on 24 acres. Originally constructed in 1989, the property was renovated and expanded in 2001 in conjunction with a long-term lease with Seagate Technology, formerly known as Maxtor Corp.
In 2007, Seagate vacated the property but continued to make lease payments until the expiration of its lease in 2016. Afterwards, the property was transferred through a deed in lieu of foreclosure transaction to a special servicer. The asset is located off the end of CO 119, known as the Diagonal Highway, which connects Longmont with Boulder. The property benefits from walkable retail amenities, nationwide low electricity costs and nationwide high speed ISP data service provided by utilities owned by the city.
“This investment is an opportunity to reposition an asset located in a thriving market that has been locked within a broken capital structure for nearly 10 years,” said Doug Wells, CEO of Broe Real Estate Group, in prepared remarks. “Broe will transform the property by providing focused asset management and the capital investment to fund building improvements that will create a highly desirable, creative office campus environment.”
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