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REIT acquires 41 properties for some $188 million in 2013

Rochester Business Journal
January 7, 2014

Broadstone Real Estate LLC continues to grow its nationwide portfolio of triple-net leased properties.

The company announced Tuesday Broadstone Net Lease, its private Real Estate Investment Trust, acquired 41 properties during 2013 at a combined purchase price of more than $188 million.

The Broadstone Net Lease portfolio now has a total market capitalization of more than $750 million, the company said.
 
Nearly half of the acquisition volume during the past year took place in the fourth quarter, when the REIT acquired 20 properties for more than $102 million. The acquisitions included medical facilities in Alabama and Virginia, retail automotive properties in California, a portfolio of eight wholesale landscape supply properties in six states and industrial facilities in Colorado, Illinois and Michigan.
 
The largest fourth-quarter acquisition was the 165,000-square-foot Johnstown, Colo., facility of Fiber Spar Corp., a subsidiary of National Oilwell Varco Inc., which manufactures flexible, corrosion-resistant piping for the oil and gas industry.
 
The REIT also sold properties totaling roughly $20 million during the year. In total, Broadstone Net Lease increased its net holdings to 203 properties in 29 states.
 
“With going-in yields on acquisitions still significantly exceeding our cost of long-term debt and equity capital, there are ample opportunities to make accretive acquisitions,” said Amy Tait, Broadstone Real Estate chairman and CEO, in a statement. “These compelling additions continue to strengthen the quality of our portfolio while also increasing our diversification by industry, geography and tenant.”
 
Broadstone Net Lease invests in freestanding, single-tenant, absolute net-leased properties located throughout the United States. With a portfolio of medical, industrial, restaurant, convenience store and specialty office properties, the REIT targets acquisitions within the $5 million to $50 million range.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 






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