DENVER, Aug. 7, 2018 /PRNewswire/ -- Broe Real Estate Group, a wholly owned subsidiary of The Broe Group, today announced the purchase of a three building flex/office portfolio comprising more than 210,000 square feet located in Colorado Springs' Briargate Office Park.
Briargate is a 9,600 acre master-planned community located in northern Colorado Springs. Within Briargate is Corporate Pointe – the first of the three building portfolio – an 115,260 square foot three-story multi-tenant office located on nearly eight acres at 1975 Research Parkway. The Tech Center West and Tech Center East twin structures comprise the balance of the portfolio and provide a total of 95,392 additional square feet of single-story flex/office buildings located at 2415 Explorer Drive and 2375 Telstar Drive, respectively.
"The Corporate Pointe and Tech Center acquisitions represent an excellent value add investment opportunity with an attractive basis in a market with strong fundamentals," said Broe Real Estate Group CEO Doug Wells. "Colorado Springs is thriving and we hope to grow our presence in the market over time. This property has experienced significant leasing in the past 90 days with more than 76,000 square feet of renewals and new leases. Post-closing we will invest significant capital to improve common areas, landscaping and building systems."
Life sciences will play a large role in the Briargate portfolio with Kaiser Permanente already occupying 22,000 square feet of Corporate Pointe and the pending addition a new long-term life science partner to Tech Center East. Located less than an hour from Denver, Briargate's northern Colorado Springs location offers the ideal commercial property to unlock dual market access to greater Denver and the thriving El Paso County.
About Broe Real Estate Group
The Broe Real Estate Group, a wholly owned subsidiary of The Broe 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. The Broe Group has a 40-year history of value-add real estate investing in Northern Colorado and across the United States. We improve value though the implementation of focused business plans that increase cash flow and create stable income streams. Additional information is available at broerealestate.com.
SOURCE Broe Real Estate Group