ROCHESTER, N.Y., July 08, 2016 (GLOBE NEWSWIRE) -- Broadstone Net Lease (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate, continues to grow its national portfolio of triple-net leased properties. Today, BNL announced the acquisition of seven Red Lobster properties in six states (Arkansas, Indiana, Kentucky, Minnesota, New Mexico, and Tennessee) via a sale leaseback transaction, for a total purchase price of approximately $28.5 million.
This is the third sale leaseback transaction that BNL has completed with the brand, and the REIT now owns 25 Red Lobster properties in 15 states. The properties are held under one master lease with a remaining term of 23 years, four (4), 5-year renewal options, and annual rent increases of 2%.
“We are very pleased to add seven additional Red Lobster properties to our existing long-term master lease, and to grow BNL’s retail holdings,” said Chris Czarnecki, President and CFO of Broadstone Real Estate. “Our team looks forward to announcing additional triple-net lease property acquisitions throughout the remainder of 2016.”
Tones Vaisey PLLC represented Broadstone Net Lease.
About Broadstone Net Lease:
Broadstone Net Lease (BNL) 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 379 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 1,800 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/RL16