ROCHESTER, N.Y., Jan. 05, 2016 (GLOBE NEWSWIRE) -- 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. On December 31, 2015, BNL announced the acquisition of 18 Red Lobster properties in 14 states via two separate sale leaseback transactions, for a total purchase price of approximately $74.4 million.
“We are excited to have completed this acquisition, adding Red Lobster as a new retail tenant to our mix, further expanding BNL’s portfolio diversification,” said Chris Czarnecki, President and CFO of Broadstone Real Estate. “BNL’s pipeline remains strong as we enter 2016, and we look forward to announcing additional acquisitions in January and beyond.”
All 18 Red Lobster properties are held under a 23.5-year master lease, with 4, 5-year renewal options, and annual rent increases of 2%. Tones Vaisey PLLC represented Broadstone Net Lease.
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 340 medical, industrial and retail properties in 34 states, the REIT targets individual or portfolio acquisitions within the $10 to $200+ million range.
There are currently more than 1,420 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.
Media Contact: Emma Bliss Marketing Coordinator Emma.Bliss@Broadstone.com 585.287.6479
Source:Broadstone Real Estate