Broadstone Net Lease has acquired one property leased by Wegmans Food Markets, Inc. in Sterling, Virginia via an UPREIT transaction (where “UPREIT” stands for Umbrella Partnership REIT). Headquartered in Rochester, NY, Wegmans is a 100-year old family-owned supermarket chain with locations throughout the mid-Atlantic and New England. As a result of this transaction‚ the seller of the property was able to, on a tax-deferred basis, 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.
- Closing Date: February 1, 2016
- Square Footage: 121,627
- Lease Type: Triple-net
- Lease Length: 12 Years
- Rent Increases: 1.50% annually
- Broker/Source: Direct
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).