Broe Cos. Sells Big Box to Eaton Vance

DENVER-A 180,000-sf retail property here net-leased leased on a long-term basis to interior furnishings retailer the Great Indoors has traded for $33.7 million, according to Fairs Lee Investments, the listing brokerage firm. The Broe Companies of Denver sold the single-tenant big-box property to Providence, RI-based Eaton Vance Management, an exchange fund that focuses on single-tenant investments.

Built in 1997, the property sits on 16.45 acres next to the newly developed Park Meadows Mall off Highway 470 in Lone Tree, a southern suburb of Denver. The street address is 8585 S. Yosemite St. The Great Indoors’ lease has 10% rent bumps every five years.

The brokers were Faris Lee president Richard Walter, and company directors Dennis Vaccaro and Patrick Kent. Walter says the property garnered multiple offers from both private and institutional investors and sold above list price.

“There continues to be increased investor appetite for single-tenant, NNN-leased assets because they offer the opportunity to own a stable, low management property with no lease-up headaches associated with multi-tenant centers,” he says.