Private real estate investment trust, Broadstone Net Lease, managed by Broadstone Real Estate has picked up a 7-property Red Lobster portfolio for $28.5 million via a sale leaseback transaction. The units are located in six states Arkansas, Indiana, Kentucky, Minnesota, New Mexico, and Tennessee. This is the third sale leaseback transaction that BNL has completed with the brand, and the REIT now owns 25 Red Lobster properties in 15 states. The properties are held under one master lease with a remaining term of 23 years with a series of renewal options, and annual rent increases of 2 percent. Broadstone Net Lease invests in freestanding, single-tenant, triple-net leased properties worth between $10 million and $200 million primarily via sale and leaseback transactions.
