Broe Real Estate Group Adds South Metro Site to Growing MOB Portfolio
Major Capital infusion will reposition asset into medical space that addresses underserved market need
DENVER, Oct. 15, 2019 /PRNewswire/ -- Broe Real Estate Group (BREG), a private real estate investment firm and affiliate of The Broe Group, headquartered in Denver, CO, confirmed the acquisition of a 41,030 square foot office building located on 4.66 acres at 1501 W. Mineral, Littleton, Colo.
Constructed in 1999, the two-story multi-specialty building located in Douglas County is the ideal candidate for conversion, given its highly visible location and proximity within the sub-market. BREG will undertake significant capital investments to convert the previously zoned office building into a medical office facility equipped to serve the area's growing need for medical services. Douglas County's 19.4% growth since 2010 has outpaced all metro Denver area counties, creating increased consumer medical need.
"The Mineral acquisition offers the opportunity to repurpose a high quality asset into an institutional quality medical space that addresses the area's continuing need for non-hospital medical services," says BREG CEO Doug Wells. "Our team is actively pursuing medical tenants to serve the community's growing needs."
The Mineral project is BREG's fifth transaction supporting MOB repositioning project in the past twelve months totaling nearly 600,000 square feet.
Jeff Wood and Monica Wiley from CBRE listed the property for sale on behalf of WorldVenture, which operated its headquarters at the site for nearly 20 years.
"1501 West Mineral is a highly visible building with excellent access to nearby retail amenities and medical services. Demand for high quality, well-located healthcare options in Douglas County continues to outpace supply, which has been limited in part by rising construction costs," noted Jeff Wood, CBRE.
Jeffrey Wood and Monica Wiley from CBRE listed the property for sale.
About Broe Real Estate Group
Broe Real Estate Group, an affiliate 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.
About The Broe Group
Based in Denver, The Broe Group and its affiliates form a privately-owned, multi-billion-dollar real estate, transportation, energy and investment organization with assets owned and managed across North America. Together, Broe managed companies employ more than 1,000 people and provide employment for thousands of others through operations such as its Great Western Industrial Park in Northern Colorado. Its transportation affiliate, OmniTRAX, Inc., is one of the fastest growing railroads in North America specializing in: management services, railroad and port services, intermodal solutions and industrial switching operations. Its energy affiliates include Great Western Petroleum, the largest private operator in the third most prolific U.S. basin. Broe Real Estate Group acquires, develops and manages 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 also has multiple investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. Learn more at broe.com.
SOURCE Broe Real Estate Group
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