AMERICAN CANYON -- A Rochester, N.Y.-based private real estate investment trust today said it acquired The Hess Collection winery, warehouse and distribution building for $27.8 million.
Broadstone Net Lease, Inc. on April 27 completed the acquisition of a 284,000-square-foot temperature-controlled space at 1166 Commerce Blvd. leased to The Hess Collection. The initial term on the lease is 20 years.
The facility was its own wastewater treatment system."This acquisition adds further diversification to the BNL portfolio, and we are delighted to have Hess as a tenant," said Amy Tait, chief executive of Broadstone Net Lease.As the name implies, Broadstone (www.BroadstoneRE.com) invests in freestanding, single-tenant, absolute net-leased properties. Its portfolio includes medical office, industrial, restaurant, convenience store and specialty office facilities, including 117 properties in 23 states. It is currently targeting acquisitions in the $5 to $30 million range.
The REIT is managed by Broadstone Real Estate, LLC.