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Broe JV Buys 800,000-SF Medical Office Portfolio

DENVER-The Broe Cos., which plans a $250 million buying spree of medical office buildings, snaps up 21 properties in six states. Broe collaborates with Southern California-based Nationwide Properties Inc. on the deal.

By John Rebchook | Updated on January 30, 2006

DENVER-The locally based Broe Cos. recently bought a 21-property medical office portfolio in a joint venture with Southern California-based Nationwide Properties Inc. The sales price is not being disclosed, Robert Jacobs, chief investment officer of the privately held Broe Cos., tells GlobeSt.com. The properties are in Georgia, South Carolina, Texas, Tennessee, Virginia and Louisiana. The venture paid cash. InSite Properties, Broe’s medical office management division will manage the property.The portfolio includes almost 800,000 sf of mostly “on campus” properties affiliated with the Hospital Corp. of America hospitals. Across the board, the overall occupancy rate is 82%, providing a significant opportunity to increase cash flow from leasing vacant space. “Broe will immediately begin a $1.5-million capital improvement package designed to enhance the quality of the portfolio and reposition the assets as the preferred medical office buildings in their respective markets,” says Mark Best, chief operating officer at Broe Real Estate.

“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.

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