CHICAGO, MINNEAPOLIS—Broadstone Net Lease, aRochester, NY-based REIT, is looking for deals in the Chicago andthe Twin Cities areas, and in June it plunked down $52.1 millionfor a Siemens industrial facility in northwestsuburban Elgin and a newly constructed Shutterflyproduction facility in suburban Shakopee, MN.

“We like the Chicago market quite a bit and we also wanted toexpand our relationship with Siemens,” Sean Cutt,the company's vice president for acquisitions, tells GlobeSt.com.As reported in Globe St.com last October, the trustbought a manufacturing and office building at 2501 N.Barrington Rd. in northwest suburban Hoffman Estates occupied bySiemens, a subsidiary of Siemens AG, aGermany-based electronics and engineering firm, under a long-termnet-lease. The trust paid $36.3 million for that382,200-square-foot facility.

Located at 1401 Madeline Ln., the 170,000-square-foot Siemensfacility in Elgin was offered to BNL on a proprietary basis afterlast October's sale, Cutt adds. The trust about paid about $23million, and the transaction carries an initial lease length of10.5 years, with annual rent increases of more than 2%. Siemens nowranks as one of BNL's top five tenants in annual rentalrevenue.