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Transaction is company’s largest-ever portfolio acquisition BNL announces acquisition of 23 ind. & office/flex assets totaling $735.7M

ISSUE HIGHLIGHTS Volume 31, Issue 18 Sept. 27 - Oct. 10, 2019

OCHE S T ER , N Y — Broadstone Net Lease, Inc. (BNL) has announced the acquisition of a portfolio of 23 industrial and office/flex assets that are fully leased and include 6.9 million rentable s/f of operational space for an aggregate purchase price of $735.7 million, exclud- ing capitalized acquisition expenses. The portfolio has a weighted average remaining lease term of 11.5 years and weighted average annual rent increases of 2.2%. “We are excited to announce this transformational transac- tion for Broadstone Net Lease and its shareholders,” said Chris Czarnecki, BNL’s CEO. “This portfolio benefits from at- tractive real estate and tenant fundamentals and represents a diverse and accretive addition to our net lease real estate port- folio. Although this transaction results in a short-term increase R COLORADO, WASHING- TON AND IOWA — Loja Real Estate announced the acquisition over the past eight months of three shopping cen- ters in Colorado, Washington and Iowa. Water Tower Place, a commu- nity shopping center anchored by Whole Foods and Best Buy, among other leading retailers, is located in Des Moines, IA.

SPOTLIGHTS

SHOPPING CENTERS

5-12A

ENGINEERS

TX portfolio

5-9B

basis post-transaction, BNL will own a diversified portfolio of 668 individual net leased commercial properties compris- ing 27.2 million rentable s/f of operational space with no single tenant accounting for more than 2.8% of contractual rental revenue over the next 12 months. In addition, industrial assets will now comprise 41% of our portfolio on an NTM rent basis, with 27% and 18% of retail and healthcare assets, respectively, making up the majority of the remainder of

the REIT. The acquisition of the port- folio was funded through a combination of proceeds from our ongoing private offering of shares of our common stock, drawing the remaining $150 million commitment avail- able under BNL’s $450 million seven-year unsecured term loan that matures in February 2026, $300 million from a new term loan, and the balance funded from proceeds from a senior unsecured revolving credit facility. 

in leverage, consistent with our growth priorities and com- mitment to maintaining our investment grade credit rating, we remain highly focused on continuing to actively manage our leverage profile and overall liquidity position.” The portfolio is well diversi- fied with 19 different tenants, properties located in 14 states and British Columbia, Canada, and comprises a mix of ware- house, distribution, manufac- turing, cold storage, and office/ flex assets. On a pro forma

CONTRIBUTING COLUMNIST

Colleen McElhearn

2A

Loja Real Estate acquires three shopping centers for a combined $86.4 million

Conference October 22, 2019 6 th Annual Healthcare & Medical Conference November 1, 2019 5 th Annual NJ CRE Leadership Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

Village West

Water Tower Place

Directory CCIM PA/NJ/DE Chapter......................................14A Shopping Centers.............................................5-12A BillBoard Directory..............................................15A Business Card Directory. .................................. IBC-A Organization Events Calendar..............................16A Owners, Developers & Managers............... Section B Engineers Spotlight............................................5-9B www.marej.com

Woodgate Center

Village West was purchased for $19.4 million in a trans- action that closed December 20th, 2018. Palmer Capital represented the seller in the transaction. Woodgate Center was pur- chased for $15.0 million in a

transaction that closed May 1st, 2019. Capital Pacific represented the seller in the transaction. Water Tower Place was pur- chased for $52.0 million in a transaction that closed on May 30th, 2019. Pegasus Invest-

ments represented the seller in the transaction. "All three acquisitions meet our investment goal of target- ing well located assets in sup- ply constrained markets," said Scott Kyman , Loja's senior VP of acquisitions. 

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