Broadstone Net Lease has acquired a portfolio of 11 Taco Bell properties in the Pacific Northwest in exchange for approximately $22 million in BNL Operating Partnership Units through an UPREIT transaction, (where “UPREIT” stands for Umbrella Partnership REIT.) UPREIT transactions provide a tax deferred exit strategy for owners of real estate who would otherwise recognize a significant taxable gain in a cash sale of a highly appreciated property with a low tax basis. By contributing these properties into the operating partnership of Broadstone Net Lease‚ the prior owners were able to exchange low cost-basis real estate for an interest in a professionally managed portfolio that is diversified by geography, property type, tenant, and lease duration. BNL currently owns 41 Taco Bell restaurants across five states.
- Closing Date: June 19, 2015
- Square Footage: 29,748
- Lease Type: Triple-net
- Lease Length: Portfolio Average 14+ Years
- Rent Increases: 10%/5 years
Note: The brand listed may not represent BNL’s actual tenant but a lease guarantor, tenant franchise or a D/B/A (doing business as).