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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.


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