Broadstone REIT acquires 18 net-leased properties for USD61m
Broadstone Net Lease (BNL) recently completed the acquisition of eighteen net-leased properties for a combined purchase price of USD61 million.
On 28 January, 2012, BNL acquired a portfolio of nine Taco Bell sites located across Georgia and Florida. The properties were acquired in a sale and lease back transaction with one of the largest Taco Bell franchisees in the nation. Average lease terms for the portfolio exceed 15 years.
On 9 March, 2012, BNL acquired a medical property located in Denton, Texas via a sale and lease back transaction. The site is leased to Caring for Women PA, a leading ob/gyn practice in the Dallas, Texas area. The 13,000 SF building is leased for an initial term of 15 years.
On 15 March, 2012, BNL acquired an industrial facility located in Eureka, Missouri via a sale and lease back transaction. The property is leased to the RotoMetrics Corporation for an initial lease term of 17.5 years. RotoMetrics is a leader in the rotary and flexible cutting dies industry. The 253,000 SF facility is RotoMetrics' world headquarters.
On 15 March, 2012, BNL acquired seven properties through an "UPREIT" transaction, whereby the sellers received operating partnership units in Broadstone Net Lease, LLC through a non-taxable contribution of their equity. The units can be exchanged in the future for shares in BNL, Inc. on a one-for-one basis. The first property is a 308,000 SF distribution facility located in Durham, North Carolina that is leased to Implus Footcare, LLC. Implus is an innovative leader in the footwear accessory market place.
Three properties leased to the Lufkin Corporation were also acquired in the transaction. The three sites are located in Houston & Kilgore, Texas and total more than 348,000 SF of industrial space with a remaining lease term of 12.5 years. Lufkin serves the energy industry through the delivery of engineered lift and mechanical power transmission applications. Finally, three Taco Bell properties leased to the BBG North Corporation were acquired in the transaction. The properties are located in Western Tennessee and have a remaining lease term of 19 years.
Broadstone Net Lease, Inc. is a private Real Estate Investment Trust (REIT) that invests in freestanding, single-tenant, absolute net-leased properties located throughout the United States.
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