Private REIT Owns 248 Properties in 32 States
ROCHESTER, N.Y. – Broadstone Net Lease (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate, continues to grow its national portfolio of triple-net leased properties. The company announced 2015 year to date closings of $95.3 million, and now owns approximately $1.1 billion of property nationwide. BNL acquires free-standing, single-tenant, triple-net leased properties in the retail, industrial, and medical industries, and owns 248 properties in 32 states.
The acquisitions included six Applebee’s restaurants acquired through two sale-leaseback transactions in South Carolina and Utah, an Atlas Southeast Papers, Inc. location in Florida, two Sportech properties in Minnesota, an Actuant Corporation property in Wisconsin, a Metro Health Hospital property in Michigan, a Bowles Fluidics Corporation property in Maryland, two Blue Pearl properties in Illinois and Tennessee, and an expansion facility tenanted by American Roller in Wisconsin.
“We continue to be opportunistic as we acquire new retail, medical, and industrial triple-net leased properties,” commented Broadstone’s Chairman & CEO, Amy Tait. “Given the current strength of our balance sheet, we are positioned to complete several hundred million of additional acquisitions currently in our pipeline or under active negotiation.”
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 248 medical, industrial and retail properties in 32 states, the REIT typically targets individual or portfolio acquisitions within the $5 to $100+ 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. By contributing the property to the operating partnership of Broadstone Net Lease‚ the contributing property owner’s historical cost basis is maintained. BNL’s program has allowed property owners to exchange low cost-basis real estate for a diversified income stream.
There are currently more than 1,000 investors in BNL, which is externally managed by Broadstone Real Estate LLC, a certified Women’s Business Enterprise (WBE). 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. To download an Investor Kit, click here.
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