Broe affiliate buys Kodak land

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An affiliate of the Denver-based Broe Group today announced the acquisition of 320 acres from Eastman Kodak Co. in Windsor, adding land that a Broe official  said is ideally situated for economic redevelopment within its Great Western Industrial Park.

“This is an opportunity to redevelop and re-energize what was once a thriving campus in Windsor, by attracting new rail-served industry and creating jobs,” said  Clay Drake, director of business development for The Broe Group in the region. “The Great Western Industrial Park, which now encompasses more than 1,800 acres, continues to be a powerful economic engine in Colorado. We are grateful to Weld County, the Town of Windsor and the City of Greeley for supporting our efforts.”

As part of the deal by Windsor Renewal I, the Broe affiliate, the Great Western Industrial Park acquired more than 500,000 square feet of industrial buildings, as well as tank storage, water rights, and nearly two miles of rail infrastructure – which will be further extended to create a loop within the park to add capacity to meet growing demand for rail service. The purchase price was not disclosed.

Kodak will lease back portions of the acquired property and continue operations within the park. Ongoing demolition of certain Kodak facilities will be completed in 2012.

Great Western Railway, the 80-mile regional rail system that serves Northern Colorado and The Great Western Industrial Park, interchanges with both the Burlington Northern Santa Fe and Union Pacific railroads. The Broe Group bought the railway in 1986. Beginning in 2005, affiliates of The Broe Group began acquiring property from Kodak and other land owners in Weld County to create the Great Western Industrial Park. The park has become the premier location in Colorado for manufacturing and energy companies.

The Broe Group is one of the largest and fastest-growing investors in the Northern Colorado region. In attracting companies such as Owens-Illinois, Front Range Energy, Reliant Holdings, Vestas and Hexcel to the Great Western Industrial Park, it has helped generate more than a thousand new jobs for the community. In addition to the railroad and land holdings, Broe controls more than 750,000 square feet of industrial facilities in Northern Colorado, as well as the Great Western Oil & Gas Company, which has grown to be one of the top oil producers in Colorado and the burgeoning Niobrara shale play.

The Great Western Industrial Park’s location, competitive rail service, and infrastructure have made it a center of manufacturing in Northern Colorado. Since Vestas opened its blade factory for wind turbines in Windsor, its presence throughout Colorado exceeds a $1 billion investment and 2,000 employees. In 2011, Great Western contributed an estimated $1.6 million to Weld County’s tax base, $1.1 million to Windsor’s tax base, and $4.3 million to Windsor’s school district. For more information, see www.greatwesternindustrialpark.com.

The Broe Group manages 29 million square feet of real estate throughout North America. Its transportation affiliate, OmniTRAX, Inc., is a leading transportation services firm with railroad, port and terminal operations throughout North America, including the Great Western Railway. Its Great Western Oil & Gas Company is a top 100 driller in the U.S. For more information, please visit this link.

 

Contact John Rebchook at JRCHOOK@gmail.com

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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