Broe Cos. Set to Invest $250M in Bay Area Real Estate

SAN FRANCISCO-Hoping to take advantage of the distressed properties in the Bay Area, The Broe Companies of Denver has hired local industry veteran Tom Bracken and charged him with acquiring $250 million worth of investment opportunities in San Francisco and the Bay Area within the next 18 to 24 months.

Bracken most recently was the manager of L.J. Melody & Co.’s Silicon Valley office. Prior to that, Bracken was head of ORIX’s real estate finance group and, prior to that, was president of USL, Ford Motor’s real estate financing group. “San Francisco is a marketplace with a number of hidden values and we intend to put a tremendous amount of time and effort here in uncovering those opportunities,” says Bracken, whose new title is managing director.

Broe purchases fee and leasehold commercial real estate, performing and non-performing loans, workouts, foreclosures and underperforming situations. It also buys general partnerships and limited partnerships, makes mezzanine loans and essentially finds creative ways to enter investments. Bracken, whose time with L.J. Melody gives him expertise in dealing with lenders that may have distressed properties, tells GlobeSt.com his focus initially will be in the office, R&D and multifamily sectors.