Broe Real Estate Group Acquires Three-Building Portfolio in Colorado Springs
DENVER — Broe Real Estate Group, a wholly owned subsidiary of The Broe Group, has purchased a three building flex/office portfolio comprising more than 210,000 square feet located in Colorado Springs’ Briargate Office Park. The portfolio sold for $21M or $99.69 per square foot. Broe intends to improve common areas, landscaping and building systems on the property.
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.”
Kaiser Permanente currently occupies 22,000 square feet at Corporate Pointe and there is also a pending addition of a new long-term life science partner to Tech Center East.
Briargate’s northern Colorado Springs location offers dual market access to greater Denver and the thriving El Paso County.