Broadstone Net Lease Announces Record Year For Property Acquisitions
ROCHESTER, N.Y., Jan. 2, 2013 /PRNewswire/ -- Broadstone Real Estate, LLC today announced that Broadstone Net Lease, Inc. (BNL) acquired 78 net leased properties with a combined purchase price of $275 million during 2012. BNL now owns 171 net lease properties in 26 states.
"2012 was a banner year of growth for BNL. With $275 million in net leased properties acquired, we approximately doubled the size of the portfolio," said Chairman & CEO, Amy L. Tait. "Our team was quite busy right up until year end; during the month of December alone, the REIT acquired 29 properties in nine separate transactions for more than $97 million. We continued to strengthen our industry, geographic and tenant diversification with these important new acquisitions."
During the month of December, BNL acquired eight medical service properties, located in Florida, Texas, Oklahoma and Missouri, for a total purchase price of $32.8 million. It also acquired seven industrial sites for $38.1 million, located in North Carolina, Michigan, Texas, Wisconsin, Indiana and South Carolina. Finally, during December, the REIT acquired 14 retail properties (quick service restaurants and convenience stores), located in Alabama, Pennsylvania, Florida, Ohio and Virginia, for a total purchase price of $26.2 million.
"The acquisition environment at year end was particularly dynamic with many tax motivated transactions taking place given the uncertainty in the market," remarked Tait. "Our conservative and flexible capital structure allowed us to capitalize on very favorable opportunities that others could not. Our acquisitions and legal teams were incredibly resourceful, completing one acquisition from start to finish in less than three weeks while still maintaining our vigorous underwriting and due diligence standards. In addition, we continued to utilize the UPREIT structure to acquire property from sellers seeking to defer taxes and receive units in BNL in exchange for property."
Broadstone Net Lease, Inc. is a private Real Estate Investment Trust (REIT) that invests in freestanding, single-tenant, absolute net-leased properties located throughout the United States. BNL now holds a diversified portfolio of medical, industrial, restaurant, convenience store and specialty office properties, including 171 properties located in 26 states. It is currently targeting acquisitions in the $5 to $30 million range. The REIT is managed by Broadstone Real Estate, LLC. Broadstone Real Estate, LLC is a certified Woman Owned Enterprise. Additional information can be found at www.BroadstoneNetLease.com.
SOURCE Broadstone Real Estate, LLC