Broadstone Net Lease Picks Up Five Assets

Broadstone has acquired four Rudy’s Rudy’s Country Store and Bar-B-Q locations in Austin, TX.

ROCHESTER, NY—Broadstone Net Lease, managed by Broadstone Real Estate, continues to grow its national portfolio of triple-net leased properties. BNL has announced the acquisition of four Austin,TX area Rudy’s Country Store and Bar-B-Q locations along with one Virginia Beach, VA-property tenanted by BluePearl Veterinary Partners via a sale leaseback transaction. The properties were acquired for a total purchase price of nearly $47 million. Darrell Betts of Avison Young represented Rudy’s and Josh Pardue of Stan Johnson Co. represented BluePearl. Mike Nicholson and Collin Zundel of Tones Vaisey represented BNL in the Rudy’s and BluePearl transactions, respectively. Rudy’s Country Store and Bar-B-Q is a Southwestern brand offering a one stop shopping experience that includes Texas barbeque, access to gas, and convenience store items and amenities. The chain has 40 locations throughout the Southwestern US in Texas, Oklahoma, Colorado, New Mexico, and Arizona. The acquired properties are located in Austin and Round Rock, TX and are tenanted by K&N Management under one master lease for an approximate remaining term of 21.5 years. K&N Management is the licensed area developer of the four Austin-area Rudy’s locations, as well as the owner and operator of Mighty Fine Burgers, Fries & Shakes. BluePearl, a subsidiary of Mars Inc., operates emergency and specialty veterinary hospitals based in the US, with 53 locations in 18 states. The 12,602-square-foot Virginia Beach property carries an initial 15-year lease term. BNL currently owns three BluePearl properties in three states. “We are pleased to further diversify BNL’s portfolio of triple-net leased commercial real estate with the addition of Rudy’s Bar-B-Q as a new tenant brand,” says Chris Czarnecki, president and CFO of Broadstone Real Estate. “Acquiring retail assets in the Austin MSA continues to enhance the quality of our real estate portfolio. We are also pleased to continue to grow our relationship with BluePearl. We look forward to announcing additional acquisitions throughout the remainder of Q2 and beyond.”