Broe Real Estate snaps up commercial building in Longmont

LONGMONT — Broe Real Estate Group, a private real estate investment firm based in Denver, has purchased a 461,000-square-foot office/lab facility at 2452 Clover Basin Drive in Longmont.

Broe Real Estate Group bought the property that is part of the Campus at Longmont in an off-market deal.

The 24-acre site with five connected buildings was constructed in 1989. It was renovated and expanded in 2001 to facilitate a long-term lease with Maxtor Corp., before Maxtor was acquired by Seagate Technology. In 2007, Seagate vacated the property but continued to make lease payments until the expiration of its lease in 2016, according to the Broe Real Estate Group.

SPONSORED CONTENT

People Powered: Preparing Longmont Businesses for Economic Success

Longmont Chamber and FNBO present People Powered on April 24, 2024, aiming to inform business owners about workforce development, housing, and transportation issues.

The property was transferred through a deed in lieu of a foreclosure transaction to special servicer Wells Fargo Bank in Irving, Texas, prior to the sale.

Doug Wells, chief executive of the Broe Real Estate Group, said the 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.” He said Broe will make capital investments to make improvements to the buildings.

Jessica Erickson, chief executive of the Longmont Economic Development Partnership, said in a prepared statement that, “Revitalization along the Diagonal (the highway that connects Boulder and Longmont) means jobs and revenues that benefit us all. We’re pleased to see a well-capitalized local developer investing in local assets to enhance local economic activity.”

The Broe Group has a 40-year history of value-add real estate investing in Northern Colorado and across the United States, including the Great Western Industrial Park in Windsor and the short-line railroad company OmniTRAX.

The building at 2452 Clover Basin was constructed by Longmont-based Pratt Properties in 1989. Denver-based Circle Capital Partners, co-owned by Terry Fitzpatrick and R. Randall Clark, acquired the property in 2005 as part of a 2 million-square-foot portfolio from Pratt Properties in a $142 million deal.

In 2006, New York-based FEIGA/Sandstone LP paid Circle Capital Partners $60 million for the buildings at 2452 Clover Basin Drive.

 Editor’s note: A previous version of this story incorrectly stated the previous owner of the property.