HARRISBURG AND HARLEYSVILLE, PA—Broadstone Net Lease has acquired two properties tenanted by Nationwide Mutual Insurance Co. via a sale leaseback transaction for a combined purchase price of $54.6 million.
Steve Marzullo, Justin Marlowe and Adam Silverman of CBRE's Greater Philadelphia Capital Markets Team, Doug Jackson of CBRE's Global Workplace Solutions Group in Columbus, OH, and Jeremy Shyk and Michael Curran of CBRE's Harrisburg Office Brokerage Group, represented Nationwide. Tones Vaisey represented BNL.
“The sale leaseback opportunity garnered significant interest from investors nationwide. Broadstone demonstrated a high level of professionalism, executed timely due diligence and delivered seamlessly through to closing,” says Steve Marzullo, senior vice president of CBRE. “Our team continues to experience a healthy demand for single tenant office and industrial offerings and corporations looking to monetize assets in this aggressive capital markets environment.”
Nationwide, a Fortune 100 company, carries investment grade credit ratings of A+ from Standard & Poor's and A1 from Moody's Investors Service, and is one of the largest diversified insurance and financial services companies in the world. BNL recently obtained an investment grade credit rating (Baa3 with a stable outlook) from Moody's, and this acquisition further enhances the REIT's underlying tenant credit profile.
The two mission-critical properties, which total approximately 385,000 square feet on 65 acres, are located in Harrisburg and Harleysville, PA, and are tenanted under one master lease for an initial term of 12 years. The properties, which have seen significant renovations in recent years, support numerous Nationwide business units, including underwriting, claims processing, and information technology, amongst others.
“We are thrilled to acquire these two Nationwide properties, and to commence a new 12-year lease via this sale leaseback transaction,” says Amy Tait, chairman and CEO of Broadstone Real Estate. “BNL has assembled a fully-leased portfolio of 348 properties, and this acquisition serves to further bolster the credit strength of our portfolio.”
HARRISBURG AND HARLEYSVILLE, PA—Broadstone Net Lease has acquired two properties tenanted by
Steve Marzullo, Justin Marlowe and Adam Silverman of CBRE's Greater Philadelphia Capital Markets Team, Doug Jackson of CBRE's Global Workplace Solutions Group in Columbus, OH, and Jeremy Shyk and Michael Curran of CBRE's Harrisburg Office Brokerage Group, represented Nationwide. Tones Vaisey represented BNL.
“The sale leaseback opportunity garnered significant interest from investors nationwide. Broadstone demonstrated a high level of professionalism, executed timely due diligence and delivered seamlessly through to closing,” says Steve Marzullo, senior vice president of CBRE. “Our team continues to experience a healthy demand for single tenant office and industrial offerings and corporations looking to monetize assets in this aggressive capital markets environment.”
Nationwide, a Fortune 100 company, carries investment grade credit ratings of A+ from Standard & Poor's and A1 from Moody's Investors Service, and is one of the largest diversified insurance and financial services companies in the world. BNL recently obtained an investment grade credit rating (Baa3 with a stable outlook) from Moody's, and this acquisition further enhances the REIT's underlying tenant credit profile.
The two mission-critical properties, which total approximately 385,000 square feet on 65 acres, are located in Harrisburg and Harleysville, PA, and are tenanted under one master lease for an initial term of 12 years. The properties, which have seen significant renovations in recent years, support numerous Nationwide business units, including underwriting, claims processing, and information technology, amongst others.
“We are thrilled to acquire these two Nationwide properties, and to commence a new 12-year lease via this sale leaseback transaction,” says Amy Tait, chairman and CEO of Broadstone Real Estate. “BNL has assembled a fully-leased portfolio of 348 properties, and this acquisition serves to further bolster the credit strength of our portfolio.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
