ROCHESTER, N.Y., Jan. 7, 2014 /PRNewswire/ -- Broadstone Real Estate LLC continues to grow its nationwide portfolio of triple-net leased properties. The company announced today that Broadstone Net Lease (BNL), its private Real Estate Investment Trust (REIT), acquired 41 properties during 2013 at a combined purchase price of over $188 million. The BNL portfolio now has a total market capitalization of over $750 million.
Nearly half of the acquisition volume during the past year took place in the fourth quarter, when BNL acquired 20 properties for more than $102 million. The acquisitions included medical facilities in Virginia and Alabama, retail automotive properties in California, a portfolio of eight wholesale landscape supply properties in six states, and industrial facilities in Illinois, Michigan and Colorado.
The largest fourth-quarter acquisition was the 165,000 square foot Johnstown, Colo., facility of Fiberspar, a subsidiary of National Oilwell Varco, which manufactures flexible, corrosion-resistant piping for the oil and gas industry.
The REIT also selectively sold properties totaling approximately $20 million during the year. In total, Broadstone Net Lease increased its net holdings to 203 properties in 29 states.
"With going-in yields on acquisitions still significantly exceeding our cost of long-term debt and equity capital, there are ample opportunities to make accretive acquisitions," said Amy Tait, Broadstone chairman and CEO. "These compelling additions continue to strengthen the quality of our portfolio while also increasing our diversification by industry, geography and tenant."
"Our conservative and flexible capital structure allows us to execute rapidly on very favorable transactions, while the expertise of our acquisitions and legal teams ensures adherence to vigorous underwriting and due diligence standards," explained Tait. "In the fourth quarter of 2013, we continued to utilize the UPREIT structure to acquire real estate from sellers seeking to defer taxes, receiving units in BNL in exchange for property."
Broadstone Net Lease Inc. invests in freestanding, single-tenant, absolute net-leased properties located throughout the United States. With a diversified portfolio of medical, industrial, restaurant, convenience store and specialty office properties, the REIT targets acquisitions within the $5 to $50 million range.
There are over 700 accredited investors in BNL, which is externally managed by Broadstone Real Estate LLC, a certified Woman Owned Enterprise. BNL remains open for new investment by accredited investors on a monthly basis, with a minimum investment of $250,000. For more information, visit Broadstone's website at www.broadstone.com or contact the firm's Investor Relations team.
- Mergers, Acquisitions & Takeovers