BNL announces acquisition of 23 ind. & office/flex assets totaling $735.7M

ROCHESTER, NY — 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, excluding 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 transaction for Broadstone Net Lease and its shareholders,” said Chris Czarnecki, BNL’s CEO. “This portfolio benefits from attractive real estate and tenant fundamentals and represents a diverse and accretive addition to our net lease real estate portfolio. Although this transaction results in a short-term increase in leverage, consistent with our growth priorities and commitment to maintaining our investment grade credit rating, we remain highly focused on continuing to actively manage our leverage profile and overall liquidity position.”

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