ROCHESTER, N.Y., May 19, 2016 (GLOBE NEWSWIRE) — Broadstone Net Lease (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC, continues to grow its national portfolio of triple-net leased properties. Today, BNL announced the acquisition of four Austin, Texas-area Rudy’s Country Store and Bar-B-Q locations operated by K&N Management, and the acquisition of one Virginia Beach, Virginia property tenanted by BluePearl Veterinary Partners via a sale leaseback transaction. The properties were acquired for a total purchase price of approximately $46.9 million.
Rudy’s Country Store and Bar-B-Q (Rudy’s) is a popular Southwestern brand famous for offering a one stop shopping experience, complete with Texas barbeque, access to gas, and convenience store items and amenities. Rudy’s currently has 40 locations throughout the Southwestern U.S. in Texas, Oklahoma, Colorado, New Mexico, and Arizona. The acquired properties are located in Austin and Round Rock, Texas, and are tenanted by K&N Management under one master lease for an approximate remaining term of 21.5 years. K&N Management is the licensed area developer of the four Austin-area Rudy’s locations, as well as the owner and operator of Mighty Fine Burgers, Fries & Shakes.
BluePearl, a subsidiary of Mars Inc., operates emergency and specialty veterinary hospitals based in the U.S., with 53 locations in 18 states. The 12,602 square foot Virginia Beach property carries an initial 15-year lease term. BNL currently owns three BluePearl properties in three states.
“We are pleased to further diversify BNL’s portfolio of triple-net leased commercial real estate with the addition of Rudy’s Bar-B-Q as a new tenant brand. Acquiring retail assets in the Austin MSA continues to enhance the quality of our real estate portfolio. We are also pleased to continue to grow our relationship with BluePearl,” said Chris Czarnecki, President and CFO of Broadstone Real Estate. “We look forward to announcing additional acquisitions throughout the remainder of Q2 and beyond.”
Darrell Betts of Avison Young represented Rudy’s, and Josh Pardue of Stan Johnson Company represented BluePearl. Mike Nicholson and Collin Zundel of Tones Vaisey PLLC represented BNL in the Rudy’s and BluePearl transactions, respectively.
About Broadstone Net Lease:
Broadstone Net Lease 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 354 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 nearly 1,700 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 directly by Broadstone via private placement. Accredited investors are invited to download an investor kit: broadstone.com/may16.
Please see certain important disclosures regarding BNL at broadstone.com/disclosures.
Media Contact: Emma BlissMarketing CoordinatorEmma.Bliss@Broadstone.com585.287.6479