BNL pays $735.7m for industrial-office portfolio

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.