Aug
18
Broe Real Estate Sells 163KSF Retail Asset for $19.5M
ByBroe’s latest deal is a 163,545-square-foot retail property leased to Home Depot.
“We are pleased to have completed this transaction which represents the second leg of a true 1031 Exchange, wherein Broe acquired Oceanview Village Shopping Center, a 98,406 square foot mixed-use development located in San Francisco and subsequently sold the Home Depot property to the same party,” said Doug Wells, CEO of Broe Real Estate Group, in prepared remarks. “This transaction represented a unique opportunity to exchange a stable asset at a good valuation for an attractive ‘value-add’ opportunity in a very strong infill location in a Gateway city.”
Broe acquired the Dallas retail building and an adjacent office building in 1998. In 2014, the property was subdivided to sever off the office building and the Home Depot lease was subsequently restructured to extend the lease term creating an attractive triple net leased retail property…
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