BROADSTONE INVESTS $52.1M IN TWO MIDWEST INDUSTRIAL FACILITIES

ELGIN, ILL., AND SHAKOPEE, MINN. — Broadstone Net Lease (BNL) has invested a total of $52.1 million in two industrial facilities in the Midwest. The private real estate investment trust (REIT) managed by Broadstone Real Estate purchased a Siemens industrial facility in Elgin and a newly constructed Shutterfly production facility in Shakopee. The 170,000-square-foot Siemens facility was offered to Broadstone on a proprietary basis after last October's $36.3 million sale-leaseback of another Siemens facility in Hoffman Estates, Ill. The Elgin transaction carries an initial lease length of 10.5 years, with annual rent increases of more than 2 percent. In late 2013, BNL entered into a forward commitment to acquire the 217,622-square-foot Shutterfly facility. Ryan Cos. built the property. Shutterfly and BNL have executed a new 10-year lease with annual rent increases of 2 percent. The lease also carries three 5-year renewal options. Shutterfly provides a range of personalized photo-based products and services.