Last month, the company agreed to internalize its management through a transaction for its operating company, Broadstone Net Lease LLC, that is worth up to $375 million.
The operating company is led by Chief Executive Officer and President Chris Czarnecki, Chief Financial Officer Ryan Albano, Chief Operating Officer John Moragne and Chief Investment Officer Sean Cutt, who are expected to hold the same roles at Broadstone, the company said at the time.
Broadstone’s portfolio included 662 retail, health-care, industrial, office and other properties in 42 U.S.
states and Canada as of Sept. 30, 2019, according to its website.
The company, which is backed by private equity firm Stone Point Capital, targets acquisitions between $5 million and $300 million.
Public listings of real estate companies have been scarce in the U.S. this year, but 2020 is shaping up to be busier.
NetSTREIT Corp., an owner and manager of retail properties, is raising capital as it prepares for a public listing next year, Bloomberg News reported this month.
We Co., the parent of WeWork, withdrew its IPO in September after potential investors criticized the company’s corporate governance and valuation expectations, among other things.
Gold at $1,600 in 2020: Goldman Sachs retains forecasts
The office-sharing company had sought to raise at least $3 billion.