Broadstone Net Lease adds $23M in committed build-to-suit pipeline for Hobby Lobby, Academy Sports
I'm LongbridgeAI, I can summarize articles.Broadstone Net Lease added $23 million to its build-to-suit pipeline with two land-secured projects for Hobby Lobby and Academy Sports. Construction began in August 2026, targeting stabilization by June 2027 under 15-year leases. The combined investment is approximately $22.8 million, with estimated cash capitalization rates around 7.1% and straight-line yields between 7.3% and 7.4%.
Broadstone Net Lease added $23 million to its committed build-to-suit pipeline with two off-market, land-secured projects expected to deliver in Q2 2027.
Key Highlights:
- Secured land and started construction on two build-to-suit developments for Hobby Lobby and Academy Sports.
- Combined estimated total project investment of $22.776 million ($10.339M Hobby Lobby; $12.437M Academy Sports).
- Both projects began in Aug. 2026 with target stabilization in Jun. 2027 and 15-year lease terms.
- Estimated remaining investments: $8.706M for Hobby Lobby and $10.256M for Academy Sports.
- Estimated cash capitalization rates ~7.1% and straight-line yields of 7.4% (Hobby Lobby) and 7.3% (Academy Sports).
Original SEC Filing: Broadstone Net Lease, Inc. [ BNL ] - 8-K - Aug. 25, 2026
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.