Search
 

Broadstone Acquires Raben Tire Leased Properties in Five States

ROCHESTER, NY—The properties, which are located in Arkansas, Illinois, Indiana, Kentucky and Missouri, total 450,711 square feet and are tenanted under one master lease for an initial term of 17 years.

By John Jordan | johnjordan | | Updated on June 09, 2016
Raben Tire store at 2000 Independence St., Cape Girardeau, MO. Raben Tire store at 2000 Independence St., Cape Girardeau, MO.
ROCHESTER, NY—Broadstone Net Lease has grown its portfolio to more than 370 net leased properties with the acquisition of 19 properties in five states tenanted by Raben Tire Co, LLC. The private REIT, which is managed by Broadstone Real Estate, LLC, acquired the properties via a sale-leaseback transaction. The properties, which are located in Arkansas, Illinois, Indiana, Kentucky and Missouri, total 450,711 square feet and are tenanted under one master lease for an initial term of 17 years. Raben, which is headquartered in Evansville, IN, operates 28 stores, three retreading facilities, and two wholesale distribution centers across six Midwestern states. Andy Sandquist of CBRE represented Raben Tire Co., LLC in the transaction. Tones Vaisey PLLC served as BNL’s legal counsel. No financial terms of the deal were released. “We are very pleased to welcome Raben Tire as a new tenant, given the company’s strong track record and sustained profitability,” says Amy Tait, chairman and CEO of Broadstone Real Estate. “We look forward to a successful long-term relationship.” The deal with Raben Tire increases Broadstone’s portfolio to 373 properties in 34 states and follows last month’s approximately $46.9-million deal involving the sale-leaseback of four Austin, TX-area Rudy’s Country Store and Bar-B-Q locations and the acquisition of one Virginia Beach, VA property tenanted by BluePearl Veterinary Partners.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.