TAMPA, FLA. — Broadstone Net Lease has acquired four Tower Radiology locations from the company for $14.51 million in a sale-leaseback transaction. Under the terms of the deal, Tower has signed 15-year, absolute net leases at each property. The sale was completed at a 7.47 percent capitalization rate.
Camille Renshaw and Joshua Pardue of Colliers International's Tampa Bay Investment Group negotiated the deal. In a statement Renshaw, who serves as director of office investment services, said, “Institutional-grade medical office assets offering long-term net leases are in high demand.”
Pardue, a medical office investment specialist, added, “Pent-up capital once allocated for distressed product is shifting to sale-leasebacks, specifically medical property. Sale-leasebacks in this economic stage allow physicians to monetize their real estate so they can reinvest and grow their practices.”
Broadstone Net Lease is a REIT that invests in freestanding, single-tenant, absolute net-leased properties located throughout the United States. The company's portfolio spreads across 21 states and comprises 78 properties including medical office, restaurant, convenience store, specialty office and distribution properties. Its Florida holdings consist of the four Tower Radiology locations as well as Applebee's restaurants in Jacksonville and Sarasota.
Tower Radiology provides outpatient radiology services for the Tampa Bay area. It currently operates 13 locations.
— Coleman Wood