Broe Real Estate Group Purchase Prime Office Space in Boulder
DENVER – Broe Real Estate Group, a private real estate investment firm, today confirmed the purchase of a 461,000-square-foot office/lab facility located at 2452 Clover Basin Drive in Longmont — one of the largest available contiguous blocks of office space in Boulder County.
The 24-acre business campus was constructed in 1989, and was renovated and expanded in 2001 to facilitate a long-term lease with Maxtor Corporation (now Seagate Technology). In 2007, Seagate vacated the property but continued to make lease payments until the expiration of their lease in 2016. Shortly thereafter, the property was transferred through a deed in lieu of foreclosure transaction to a special servicer.
“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 Broe Real Estate Group CEO Doug Wells. “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.”
2452 Clover Basin is located off the end of CO 119, known as the Diagonal Highway, which connects Longmont with Boulder and provides a drive time of less than 20 minutes from the property to downtown Boulder. The property benefits from significant walkable retail amenities, nationwide low electricity costs and nationwide high speed ISP data service provided by utilities owned by the City of Longmont.
“Revitalization along the Diagonal means jobs and revenues that benefit us all,” said Jessica Erickson, Longmont Economic Development Partnership CEO. “We’re pleased to see a well-capitalized local developer investing in local assets to enhance local economic activity. The Broe Group has a history of investing in Northern Colorado and improving surrounding communities.”