Tuesday, May 3, 2016

Broadstone Net Lease Expands Portfolio

Broadstone Net Lease, a New York based REIT, acquired two properties formerly owned by Nationwide Insurance Co. The two properties, 355 Maple Ave. in Harleysville, and 1000 Nationwide Drive in Harrisburg, sold for $54.6 million or about $142/square foot.

The properties total approximately 385,000 SF and will continue to be leased back by Nationwide Insurance.

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,” said Amy Tait, chairman and CEO of Broadstone.

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