Private REIT Has Acquired 43 Properties for $349+ million so far in 2015
ROCHESTER, N.Y. – Broadstone Net Lease (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (BRE), continues to grow its national portfolio of triple-net leased properties. The company announced recent closings of $123.4 million, bringing the year-to-date total for 2015 to $349.3 million. The REIT acquires free-standing, single-tenant, triple-net leased retail, industrial, and medical facilities, and now owns 312 properties in 33 states.
“BNL continues to raise and deploy private investor equity into new property acquisitions, with a strong pipeline in place to take us through year-end 2015 and beyond,” said Amy Tait, Chairman and CEO of Broadstone Real Estate. “We are projecting that 2015 will represent a banner year for BNL, in terms of both new equity raised and property acquisitions.”
In October 2015, BNL acquired a portfolio of 36 Jack’s Family Restaurants for approximately $83 million, which represents the largest portfolio acquisition to date for the private REIT. Jack’s has a 55-year history as a premium quick service restaurant, and specializes in Southern-inspired plated breakfasts, biscuits made from scratch, and fried chicken. The recently acquired properties are located in Alabama, Georgia, and Tennessee.
Additional Q3 transactions included the purchase of one Kinston, North Carolina property tenanted by Pactiv, LLC, the world’s largest manufacturer and distributor of food service packaging; the purchase of four Buffalo Wild Wings properties located in Alabama, Mississippi, and Arkansas via two separate transactions; and two properties in Texas tenanted by Federal Heath Sign Company, a market leader in the digital, illuminated, and non-illuminated sign industry.
During the third quarter, BNL raised $77.5 million in equity from new and existing shareholders for a total of more than $264 million year to date, which includes an UPREIT transaction and an additional equity investment from BRE.
About Broadstone Net Lease:
Broadstone Net Lease (BNL) invests in freestanding, single-tenant, triple-net leased properties located throughout the United States, primarily via sale and leaseback transactions. With a diversified portfolio of 312 medical, industrial and retail properties in 33 states, the REIT targets individual or portfolio acquisitions within the $5 to $200+ million range.
In addition to Broadstone’s focus on sale and leaseback transactions, the firm’s principals have executed more than $1 billion of UPREIT transactions, in multiple entities. UPREIT transactions may 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.
There are currently more than 1,300 shareholders in BNL, which is externally managed by Broadstone Real Estate, LLC. BNL remains open for new investment by accredited investors on a monthly basis, with a minimum investment of $500,000. Shares are offered via private placement.