ROCHESTER, N.Y., April 27, 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 two properties tenanted by Nationwide Mutual Insurance Company (Nationwide) via a sale leaseback transaction for a combined purchase price of $54.6 million.
Nationwide, a Fortune 100 company, carries investment grade credit ratings of A+ from Standard & Poor’s and A1 from Moody’s Investors Service (Moody’s), respectively, and is one of the largest diversified insurance and financial services companies in the world. BNL recently obtained an investment grade credit rating (Baa3 with a stable outlook) from Moody’s, and this acquisition further enhances the REIT’s underlying tenant credit profile.
The two mission-critical properties, which total approximately 385,000 square feet on 65 acres, are located in Harrisburg and Harleysville, Pennsylvania, and are tenanted under one master lease for an initial term of 12 years. The properties, which have seen significant renovations in recent years, support numerous Nationwide business units, including underwriting, claims processing, and information technology, amongst others.
“We are thrilled to acquire these two Nationwide properties, and to commence a new 12-year lease via this sale leaseback transaction,” said Amy Tait, Chairman and CEO of Broadstone Real Estate. “BNL has assembled a fully-leased portfolio of 348 properties, and this acquisition serves to further bolster the credit strength of our portfolio.”
Steve Marzullo, Justin Marlowe and Adam Silverman of CBRE’s Greater Philadelphia Capital Markets Team, along with Doug Jackson of CBRE’s Global Workplace Solutions Group in Columbus, OH, represented Nationwide. Tones Vaisey PLLC represented BNL.
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 348 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 1,600 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/NW16.
CONTACT: Media Contact: Emma BlissMarketing CoordinatorEmma.Bliss@Broadstone.com585.287.6479