ROCHESTER, N.Y. — In a major sale-leaseback transaction, Broadstone Net Lease (BNL) has acquired a 382,200-square-foot manufacturing and office facility located in Hoffman Estates, Ill., for $36.3 million. The recently renovated facility, which sits on 46 acres, is net leased to Siemens Corp. through a new 10-year lease, which includes four five-year renewal options and structured annual rent increases.
The acquisition is BNL’s largest to date in the Chicago area. The Rochester-based private real estate investment trust now owns 188 properties in 27 states with a total portfolio value of more than $700 million.
Siemens AG,headquartered in Berlin and Munich, Germany, is an engineering and electronics company that principally operates in the fields of manufacturing, energy, transportation and healthcare.
“We’re delighted to have completed this significant sale-leaseback transaction with Siemens, a new marquee tenant for us,” says Amy Tait, CEO of BNL. “This acquisition adds further diversification to the BNL portfolio in a core U.S. real estate market.”
According to Crain’s Chicago Business, Siemens hired the Chicago office of CBRE Inc. this summer to find a buyer for the building in Hoffman Estates, the global headquarters for its molecular imaging business, which sells equipment for MRIs and PET scans.
BNL focuses on acquiring and holding freestanding, single-tenant, net-leased properties throughout the United States. The REIT’s portfolio is comprised of 188 fully tenanted commercial properties, with no lease maturities occurring before the year 2020.
The website for BNL indicates the company targets several property types nationwide, including medical office, industrial, restaurants and convenience stores with a price range of $5 million to $50 million. The typical lease term is 15 to 20 years.
Today, there are more than 700 accredited investors that are shareholders in the REIT, which is externally managed by Broadstone Real Estate LLC, a certified Woman Owned Enterprise. Crain’s reports that the REIT has raised $300 million from investors, according to a Sept. 23 filing with the U.S. Securities and Exchange Commission.
— Matt Valley