"These buildings are in very, very good shape," Jacobs tells GlobeSt.com. "Our plans call for cosmetic changes. We're going to upgrade the lobby areas, landscaping, paint them, things like that. Structurally, they are very sound."
This portfolio purchase is the first with NHP, although in the past the Broe Cos. has done business with the top executives of the company when they were with another organization, Jacobs explains to GlobeSt.com.
"Broe plans to acquire $250 million in additional office properties over the next 12 to 24 months, so we are aggressively seeking additional opportunities," Jacobs says. He tells GlobeSt.com that ideally that NHP will be its partners on future acquisitions, although it also could buy properties without them, depending on circumstances. He notes that Broe is currently looking at a couple of potential purchases in the Denver area.
Jacobs also tells GlobeSt.com that Broe is interested in buying buildings that are fully occupied, as well as those that have large vacancies. "We would like the stability of buildings that provide cash flow for the long term, as well as the challenge of taking on the value-added opportunities," he tells GlobeSt.com.
In addition, Broe is setting no criteria for the size or the geographic location of buildings. "We really have no limits," Jacobs tells GlobeSt.com. "We don't want to have any kind of rigid criteria for our purchases. We would prefer to be extremely flexible and go where we can find opportunities." Indeed, he tells GlobeSt.com that Broe will even consider developing their own medical office buildings "on a limited basis," although they'll primarily focus on buying existing properties.
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