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IRVINE, CA-BROE Real Estate, a Denver-based firm that owns and manages more than $1 billion in assets, has acquired the 128,000-sf Irvine Corporate Center from Los Angeles-based Arden Realty Inc. for $18 million. The property is a two-story office building at 1821 E. Dyer Rd. that was completed in 1976 and was 100% occupied at the time of the sale.Arden was represented by Bob Griffith and Jon Nesbitt of the Newport Beach office of Grubb & Ellis, along with Kevin Shannon of the Grubb & Ellis South Bay office in Torrance. BROE represented itself. BROE is a 35-year-old company that invests in all types of commercial and residential real estate and land. The company also operates office and industrial properties, as well as apartments and retirement communities. Additionally, the company invests in a variety of real estate internationally. The disposition of the Dyer Road building is one in a series of sales and acquisitions that Arden has executed in recent months as the L.A.-based REIT continues on a previously announced capital recycling program. The Irvine property sale pushes the total of dispositions for the year past $100 million. In a recent interview with GlobeSt.com, Howard Stern, SVP and chief investment officer for Arden, explained that the REIT’s program of acquisitions and dispositions is also designed to expand its presence in certain markets where it sees growth potential. An example is the Conejo Corridor, where Arden closed last week on its previously announced purchase of a 115,000-sf office building called Agoura Hills Business Park at 30401-30501 Agoura Hills Rd. in Agoura Hills.

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