Bob Evans Farms, Inc. and Broadstone Net Lease REIT Complete $51.6 Million Sale Leaseback Transaction

ROCHESTER, N.Y., Oct. 23, 2015 /PRNewswire/ -- Broadstone Net Lease (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC (BRE), and Bob Evans Farms, Inc. have announced the closing of a $51.6 million sale leaseback transaction of two industrial properties tenanted by BEF Foods, Inc., a wholly-owned, indirect subsidiary of Bob Evans Farms, Inc.

BNL acquires free-standing, single-tenant, triple-net leased retail, industrial, and medical properties. Year-to-date, the REIT has acquired more than $400 million of real estate, and now owns 313 properties in 33 states.

BEF Foods, Inc. is a leading producer and distributor of refrigerated side dishes, pork sausage, and a variety of frozen and convenience food items under the Bob Evans and Owens brand names. The mission-critical food processing and storage facilities are located in Lima, Ohio, and Sulphur Springs, Texas.

"We're exceptionally excited to complete this transaction with Bob Evans. The Texas and Ohio properties are proven industrial assets to add to the growing BNL portfolio. Our team feels strongly that this real estate is mission critical to the continued successful operations of BEF Foods," said Chris Czarnecki, President and CFO of Broadstone Real Estate. "We continue to be on pace to exceed our acquisition goals for 2015, and look forward to announcing additional transactions before year-end."

About Broadstone Net Lease:

Broadstone Net Lease (BNL) invests in freestanding, single-tenant, triple-net leased properties located throughout the United States, primarily via sale and leaseback transactions. With a diversified portfolio of 313 medical, industrial and retail properties in 33 states, the REIT targets individual or portfolio acquisitions within the $5 to $200+ million range.

In addition to Broadstone's focus on sale and leaseback transactions, the firm's principals have executed more than $1 billion of UPREIT transactions, in multiple entities. UPREIT transactions may provide a tax deferred exit strategy for owners of real estate who would otherwise recognize a significant taxable gain in a cash sale of a highly appreciated property with a low tax basis.

There are currently more than 1,300 shareholders in BNL, which is externally managed by Broadstone Real Estate, LLC. BNL remains open for new investment by accredited investors on a monthly basis, with a minimum investment of $500,000. Shares are offered via private placement.

SOURCE Broadstone Real Estate, LLC

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