BNL pays $735.7m for industrial-office portfolio

BNL pays $735.7m for industrial-office portfolio

Published at: 2019-09-10 16:23 | Author: CIJ USA
Broadstone Net Lease paid $735.7m for a fully occupied industrial and office/flex portfolio, totaling 6.89 million sq ft of space. The assemblage of 23 buildings has a weighted average remaining lease term of approximately 11.5 years and weighted average annual rent increases of approximately 2.2 percent. “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,” said Chris Czarnecki, CEO of BNL.

Similar Stories:

Coca-Cola buys Sarasota distribution facility for $7m
Coca-Cola Beverages Florida acquired a 104,345 sq ft distribution facility in Sarasota, Fl  »
Panattoni to develop 800,000 sq ft business park in Miami
Panattoni has purchased a 20-acre industrial land parcel in Miami for $24m. Located on NW  »
ILPT secaures $350m to reduce outstanding borrowings
Industrial Logistics Properties Trust has obtained a $350m loan to reduce outstanding borr  »
W. P. Carey buys three industrial properties for $124m
W. P. Carey has closed on the purchase of three industrial properties for a combined $124m  »
The industrial sector of commercial real estate has changed radically over the past few ye   »
industrial logistics brokers are relying increasingly on data to help them find the best p   »
Scott Gregory, market officer at Prologis in Florida, says the breakdown can be seen geogr   »