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Transaction is company’s largest-ever portfolio acquisition BNL announces acquisition of 23 ind. & office/flex assets totaling $735.7M
ISSUE HIGHLIGHTS Volume 31, Issue 18 Sept. 27 - Oct. 10, 2019
OCHE S T ER , N Y — Broadstone Net Lease, Inc. (BNL) has announced the acquisition of a portfolio of 23 industrial and office/flex assets that are fully leased and include 6.9 million rentable s/f of operational space for an aggregate purchase price of $735.7 million, exclud- ing capitalized acquisition expenses. The portfolio has a weighted average remaining lease term of 11.5 years and weighted average annual rent increases of 2.2%. “We are excited to announce this transformational transac- tion for Broadstone Net Lease and its shareholders,” said Chris Czarnecki, BNL’s CEO. “This portfolio benefits from at- tractive real estate and tenant fundamentals and represents a diverse and accretive addition to our net lease real estate port- folio. Although this transaction results in a short-term increase R COLORADO, WASHING- TON AND IOWA — Loja Real Estate announced the acquisition over the past eight months of three shopping cen- ters in Colorado, Washington and Iowa. Water Tower Place, a commu- nity shopping center anchored by Whole Foods and Best Buy, among other leading retailers, is located in Des Moines, IA.
SPOTLIGHTS
SHOPPING CENTERS
5-12A
ENGINEERS
5-7B
TX portfolio
ENVIRONMENTAL/ GREEN BUILDINGS
basis post-transaction, BNL will own a diversified portfolio of 668 individual net leased commercial properties compris- ing 27.2 million rentable s/f of operational space with no single tenant accounting for more than 2.8% of contractual rental revenue over the next 12 months. In addition, industrial assets will now comprise 41% of our portfolio on an NTM rent basis, with 27% and 18% of retail and healthcare assets, respectively, making up the majority of the remainder of
the REIT. The acquisition of the port- folio was funded through a combination of proceeds from our ongoing private offering of shares of our common stock, drawing the remaining $150 million commitment avail- able under BNL’s $450 million seven-year unsecured term loan that matures in February 2026, $300 million from a new term loan, and the balance funded from proceeds from a senior unsecured revolving credit facility.
in leverage, consistent with our growth priorities and com- mitment to maintaining our investment grade credit rating, we remain highly focused on continuing to actively manage our leverage profile and overall liquidity position.” The portfolio is well diversi- fied with 19 different tenants, properties located in 14 states and British Columbia, Canada, and comprises a mix of ware- house, distribution, manufac- turing, cold storage, and office/ flex assets. On a pro forma
9-10B
CONTRIBUTING COLUMNIST
Colleen McElhearn
2A
Loja Real Estate acquires three shopping centers for a combined $86.4 million
Conferences October 22, 2019 6 th Annual Healthcare & Medical Conference November 1, 2019 5 th Annual NJ CRE Leadership Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or [email protected]
Village West
Water Tower Place
Directory CCIM PA/NJ/DE Chapter......................................14A Shopping Centers.............................................5-12A BillBoard Directory..............................................15A Business Card Directory. .................................. IBC-A Organization Events Calendar..............................16A Owners, Developers & Managers............... Section B Engineers Spotlight............................................5-7B Environmental/Green Buildings. ......................9-10B www.marej.com
Woodgate Center
Village West was purchased for $19.4 million in a trans- action that closed December 20th, 2018. Palmer Capital represented the seller in the transaction. Woodgate Center was pur- chased for $15.0 million in a
transaction that closed May 1st, 2019. Capital Pacific represented the seller in the transaction. Water Tower Place was pur- chased for $52.0 million in a transaction that closed on May 30th, 2019. Pegasus Invest-
ments represented the seller in the transaction. "All three acquisitions meet our investment goal of target- ing well located assets in sup- ply constrained markets," said Scott Kyman , Loja's senior VP of acquisitions.
Inside Cover A — September 27 - October 10, 2019 — M id A tlantic
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Real Estate Journal — September 27 - October 10, 2019 — 1A
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Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States specializing in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. We have a dedicated buy side desk that provides real time inventory and market >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64
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