Broadstone Net Lease, an REIT managed by Broadstone Real Estate, LLC, announced the purchase of two office buildings in Pennsylvania from Nationwide Mutual Insurance Company in a $54.6 million sale-leaseback deal. The two properties are located in Harrisburg and Harleysville, Pennsylvania with 384,797 square feet of space on 65 acres, all of which is tenanted under one master lease for an initial term of 12 years, supporting numerous Nationwide business units, including underwriting, claims processing, and information technology. The deal was brokered and sourced by Steve Marzullo at CBRE.
"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 Real Estate, in a statement on the deal. "BNL has assembled a fully-leased portfolio of 348 properties, and this acquisition serves to further bolster the credit strength of our portfolio."
The properties have seen upgrades in recent years as Nationwide has worked to centralized its regional operations after the acquisition of Harleysville Mutual Insurance Co. and Harleysville Group Inc. While Nationwide will continue to keep its regional headquarters in Harleysville, the company disclosed that it will transfer all 100 jobs from its investment management unit in King of Prussia to its corporate headquarters in Columbus, Ohio, by the end of this year.
For more news and information visit Blumberg Partners.
No comments:
Post a Comment