CHICAGO—The I-90 corridor has many manufacturing and research facilities critical to the operations of high-tech corporations, making them extremely attractive to investors. Broadstone Net Lease, for example, recently completed the acquisition of a Siemens Corp. facility located at 2501 N. Barrington Rd. in northwest suburban Hoffman Estates. The Rochester, NY-based REIT paid $36.3 million for the 382,200-square-foot manufacturing and office building, which Siemens will continue to occupy under a long-term net-lease.
“We’re delighted to have completed this significant sale-leaseback transaction with Siemens, a new marquee tenant for us,” says Amy Tait, CEO of BNL. “This acquisition adds further diversification to the BNL portfolio in a core US real estate market.”
Siemens, a subsidiary of Siemens AG, a Germany-based electronics and engineering firm, signed a 10-year lease, which includes four five-year renewal options and structured annual rent increases, for the recently renovated facility, which sits on 46 acres. The acquisition is BNL’s largest to date in the Chicago area. The REIT, which focuses on acquiring and holding freestanding, single-tenant, net-leased properties throughout the US, now owns 188 properties in 27 states with a total portfolio value of over $700 million.
In August, GlobeSt.com reported a very similar transaction, when Nokia Solutions and Networks’ research and development building in suburban Arlington Heights was sold by Torburn Partners to Griffin Capital Essential Asset REIT, Inc., for $29.54 million. The single-story, 214,185-square-foot building at 1455 W. Shure Dr. is the primary R & D facility for NSN’s mobile broadband business.