This Week
  • Christa and Morgan target a July start for the $7 million East Ave. development.

  • Health care professional Carla D'Angelo's wish is to one day make volunteering her career.

  • Glenn Kellogg opened Hart's Local Grocers two years ago in the East End.

  • Avani Technology Solutions has grown to a predicted $26 million in revenues by the end of this year.

  • What the new fiduciary rule means for financial professionals and their clients.

  • The Schools Report Card has rankings for 27 districts and more than 250 schools.

Broadstone invests $52.1 million in June

Rochester Business Journal
July 7, 2014

Rochester-based Broadstone Net Lease Inc. invested $52.1 million in June, including the purchase of a Siemens AG industrial facility in Illinois and a newly constructed Shutterfly Inc. production facility in Minnesota, company officials announced Monday.

The Siemens acquisition in Elgin, Ill., follows a $36.3 million purchase of a Siemens facility in Huffman Estates, Ill., in October. Siemens offered the 170,000-square-foot Elgin building to Broadstone on a proprietary basis, officials said.

The initial lease is for 10.5 years, with annual rent increases of more than 2 percent, officials said. Siemens now ranks among Broadstone’s top five tenants in annual rental revenue.

Broadstone, a private real estate investment trust, has agreed to a 10-year lease with Shutterfly on its 217,622-square-foot facility, with annual rent increases of 2 percent and three five-year renewal options, officials said.

Broadstone has acquired 22 properties in 2014 for nearly $108 million, officials said. Its four acquisitions in the second quarter totaled nearly $73 million.

The REIT now has 212 properties in 31 states.

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


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google