Broadstone REIT Acquires C-Store Sites
Published in CSP Daily News
Adds seven net-leased properties to portfolio
ROCHESTER, N.Y. -- Broadstone Real Estate LLC has announced that Broadstone Net Lease Inc. recently completed the acquisition of a portfolio of seven triple net-leased properties for a combined purchase price of $14.7 million. Broadstone Net Lease acquired seven convenience store sites located in Pennsylvania, New Jersey and Kentucky.
The sites are leased to Lehigh Gas Corp. with an initial lease term of 20 years. The sites are operated under a variety of different brands, including ExxonMobil, Gulf, Sunoco, Shell, Hess and Valero.
Since its inception in 1992, Bethlehem, [image-nocss] Pa.-based Lehigh Gas has positioned itself as a leading distributor of branded petroleum products in the Northeast.. The company's portfolio consists of a network of branded petroleum and convenience store locations either company operated or dealer leased/owned.
Broadstone Net Lease has acquired 18 net-leased properties for a combined purchase price of $46.7 million so far in 2010, and is expected to complete several more transactions before the end of the year, it said.
Existing commercial holdings include several ampm properties in Ohio and Pennsylvania and a Kum & Go property in Oklahoma, according to its website.
Rochester, N.Y.-based Broadstone Net Lease is a private real-estate investment trust (REIT) that invests in freestanding, single-tenant, absolute net-leased properties located throughout the United States. It now holds a diversified portfolio of medical office, restaurant, convenience store, specialty office and distribution centers, including 72 properties located in 19 states. It is currently targeting acquisitions in the $5 to $15 million range, it said.