Monday, November 8, 2010
Rochester, New York - Today we searched for a Net Lease Properties portfolio with Taco Bell as Tenant. This Net Lease Properties portfolio was snapped up by Broadstone Real Estate, LLC. Broadstone Net Lease, Inc. is a private Commercial Real Estate Investment Trust (REIT) that invests in freestanding, single-tenant, net-leased properties located throughout the United States. Broadstone Net Lease, Inc. now holds a diversified portfolio of medical office buildings (MOB), restaurant, net leased convenience stores, specialty office and distribution centers. Broadstone Net Lease, Inc. has an Investment Property Portfolio that includes 65 commercial properties located in 18 states. Broadstone Net Lease, Inc. is currently targeting net lease property acquisitions in the $5 to $15 million range.
Broadstone Net Lease, Inc. (BNL) recently acquired this Investment Property Portfolio of seven "NNN" triple net leased properties. The combined purchase price of this Net Lease Properties Portfolio was $8.8 Million. Broadstone Net Lease, Inc. acquired this seven Taco Bell Net Lease Site Portfolio located in Tennessee and Arkansas. These Net Lease Properties are leased to K-Mac Enterprises, Inc. K-Mac Enterprises, Inc is a leading Taco Bell franchisee, and have an initial lease term of 15 years. Broadstone Net Lease, Inc. has acquired 11 Net-leased Properties for a combined purchase price of $32,100,000 Million so far in 2010. Broadstone Net Lease, Inc. would like to complete several more Net Lease Properties transactions before the year ends.
Our search for a Net Lease Properties portfolio saw this offer of a group of 7 Taco Bell restaurants in Alabama and Tennessee. It appeared to be a nice deals as this operator has been a Taco Bell franchisee for 17 years and operates 7 restaurants. One of the Net Lease Properties is located at 1820 Decherd Boulevard, in Decherd, Tennessee. This net lease investment had a lease term of 10 years from close of escrow, as well as four, 5-year options, with 5% escalations every 5 years including options.
This one particular Net Leased Property with Taco Bell benefits from a location on busy a commercial thoroughfare (US 41 & SR 16), near intersection with SR 50. A Retail Shopping Center with Kroger Supermarket as anchor, is adjacent to this net lease investment. Other Net Lease Investments in the area include Dollar General, Best Western Inn, McDonalds, E-Z Stop Market, Sonic Drive-In, Shoney's. Also other Investment Properties surrounding this Taco Bell Net lease Investment are restaurants, banks and retail are nearby. Franklin County High School is also within 1 mile of this location.
More information on this particular Net Lease Investment is that it has a Building Size of 2,200 Square feet. It is a Free Standing, net leased property that was offered at a Cap Rate of 7.25%. The Single Tenant Building was built in 1994 on .55 of an acre.
Thorough Due Diligence on an Investment Property Search could reveal the potential of the investment. Investors of Net Lease Properties should carefully manage each element of the due diligence process to increase the likelihood of the successful acquisition of a Net Lease Property at an attractive price. The due diligence process should include Analysis of the supply and demand dynamics in the selected market or submarket. Also a thorough review of the existing or proposed financial structure of the Net Lease Investment Property. Also, a detailed review of building expenses for replacement cost and analysis of potential operating cost savings are important.
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