The Broe Group Acquires 320 Acres, and 500,000 Square Feet of Buildings, From Kodak

Campus in Northern Colorado to be revitalized with new rail-served industry and jobs

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Jan 03, 2012, 01:55 ET

WINDSOR, Colo., Jan. 3, 2012 /PRNewswire/ -- Windsor Renewal I, an affiliate of The Broe Group, today announced the acquisition of 320 acres from Eastman Kodak Company, adding land that is ideally situated for economic redevelopment within the 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. 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," said Clay Drake, director of business development for The Broe Group in the region.

As part of the deal, 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, based in Denver, Colorado, 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, see www.broe.com.

SOURCE The Broe Group