Broadstone Net Lease has acquired a Michigan-based portfolio of nine Art Van Furniture properties, held under a 20-year master lease. Founded in 1959 in Detroit, Michigan, Art Van Furniture is a leading furniture and mattress retailer in the US, with more than 100 stores in five Midwestern states. The portfolio was acquired via a sale leaseback transaction.
Broadtree Residential has acquired a portfolio of 14 single family rental homes in suburban Atlanta, GA. The homes were acquired for a total purchase price of approximately $1.4 million. As of closing, all 14 homes were occupied. Continue reading
ROCHESTER, N.Y. – Broadstone Net Lease, Inc. (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), today announced that it has received commitments to purchase an aggregate principal amount of $150 million of senior unsecured notes (Notes) to be issued by BNL’s operating company, Broadstone Net Lease, LLC, and guaranteed by BNL. Continue reading
Amy L. Tait Assumes Role of Executive Chairman and Chief Investment Officer, Christopher J. Czarnecki Appointed Chief Executive Officer
ROCHESTER, N.Y.- Broadstone Real Estate, LLC (Broadstone, BRE) today announced numerous organizational changes and promotions of key personnel. The changes are effective immediately, and have been approved by the company’s Board of Managers, along with the Boards of Directors of the two private real estate investment trusts (REITs) sponsored and managed by the firm, Broadstone Net Lease, Inc. (BNL) and Broadtree Residential, Inc. (BTR). Continue reading
Private REIT Raised $290+ Million in Equity, Acquired 88 Properties for $518+ Million
ROCHESTER, N.Y.- Broadstone Net Lease, Inc. (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), continues to grow its nationwide portfolio of freestanding, single-tenant, triple-net leased commercial properties. Today, BNL announced fourth quarter acquisitions of $137.8 million, as the REIT acquired 17 properties in eight transactions. In aggregate for 2016, BNL acquired 88 properties via 22 distinct transactions for $518.8 million, collected 100% of potential rental income, and completed strategic dispositions of nine properties totaling $39.5 million. Continue reading
Broadstone Net Lease has acquired one Wendy’s property located in Summersville, West Virginia. The property was added to an existing 15-year master lease, and was acquired via a sale leaseback transaction. BNL currently owns 35 Wendy’s locations in 10 states.
ROCHESTER, N.Y.- Broadstone Real Estate, LLC (Broadstone), with profound sadness, today announced the passing of co-founder and senior advisor Norman Leenhouts, known to his colleagues and friends affectionately as “Norm”. Norm passed away peacefully in his home with family by his side on Saturday, January 7, at the age of 81.
“My father will best be remembered by his entrepreneurial spirit, humble generosity, kind heart, and brilliant mind. It was an honor and remarkable experience for me to be able to work with him for over three decades,” said his daughter, Amy Tait, Chairman and CEO. “His legacy will live on with the many, many people that he has mentored and influenced in his lifetime.” Continue reading
Broadstone Net Lease has acquired a Class A warehouse property located in New Kensington, Pennsylvania, tenanted by Leedsworld, Inc. (Leed’s). Leed’s is a supplier of high quality branded promotional products, including a variety of goods such as mobile tech items, bags, and drinkware. The property was acquired via lease assumption.
Broadstone Net Lease has acquired a three story, custom-built office building in Melbourne, Florida, tenanted by Florida Institute of Technology. Florida Tech utilizes the property for admissions and financial aid offices, the registrar, classrooms, student common areas, and psychology departmental offices. The property was acquired via lease assumption.
Private REIT Continues to Grow Atlanta Presence
ROCHESTER, N.Y. – Broadtree Residential (Broadtree), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (Broadstone), today announced the acquisition of “Somerset at the Crossings” (Somerset), a 264-unit multifamily community located in Tucker, Georgia, for a purchase price of $23.5 million. Continue reading