ROCHESTER, N.Y., March 15, 2011 /PRNewswire/ -- Broadstone Real Estate, LLC today announced that Broadstone Net Lease, Inc. (BNL) recently completed the acquisition of four absolute net-leased casual dining restaurant sites for a combined purchase price of $10.2MM.
On March 11, 2011, BNL acquired four Applebee's restaurants. Three of the properties are located in the greater Minneapolis, MN area (Inver Grove Heights, Maple Grove and St. Paul). The fourth site is located in Mankato, MN. The four sites are leased for 17 years and operated by Apple American Group, LLC. Apple American Group is the largest Applebee's franchisee in the country operating more than 270 Applebee's Neighborhood Bar and Grills in 11 states.
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 office, restaurant, convenience store, specialty office and distribution centers, including 83 properties located in 21 states. It is currently targeting acquisitions in the $5 to $30 million range. The REIT is managed by Broadstone Real Estate, LLC which is certified as a Women's Business Enterprise by the Women's Business Enterprise National Council. Additional information can be found at www.BroadstoneRE.com.
SOURCE Broadstone Real Estate, LLC