Broadstone Net Lease, Inc. announced it has secured land and commenced construction on two additional build-to-suit developments for tenants Hobby Lobby and Academy Sports. Both properties are located in Manor, Texas, with a total rentable area of 110,000 square feet. The projects have an estimated total investment of $22.8 million ($10.3 million for Hobby Lobby and $12.4 million for Academy Sports) and target stabilization by June 2027. Each lease carries a 15-year term with annual rent escalations of 0.4% to 0.5%. Broadstone Net Lease, Inc. is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties leased on a long-term basis.
