ROCHESTER, N.Y., June 07, 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 19 properties tenanted by Raben Tire Co., LLC (Raben) via a sale leaseback transaction.
Headquartered in Evansville, Indiana, Raben operates 28 stores, three retreading facilities, and two wholesale distribution centers across six Midwestern states. The company offers new and retreaded tires, as well as automotive repair services on behalf of retail, commercial, and wholesale customers. The recently acquired properties, which are located in Arkansas, Illinois, Indiana, Kentucky and Missouri, total 450,711 square feet, and are tenanted under one master lease for an initial term of 17 years.
“We are very pleased to welcome Raben Tire as a new tenant, given the company’s strong track record and sustained profitability,” said Amy Tait, Chairman and CEO of Broadstone Real Estate. “We look forward to a successful long-term relationship.”
“We are excited about the new working relationship we have with Broadstone Net Lease and we look forward to working with their highly-regarded team of real estate professionals to accelerate our strategic growth initiative,” said Eric Glover, Raben’s President.
Andy Sandquist of CBRE represented Raben Tire Co., LLC in this transaction. Tones Vaisey PLLC served as BNL’s legal counsel.
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 373 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 nearly 1,700 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. Please see certain important disclosures regarding BNL at broadstone.com/disclosures.
Accredited investors are invited to download an investor kit: broadstone.com/RT16.