CBRE Represented Nationwide During the Transaction
Philadelphia, PA–April 29, 2016— CBRE Group, Inc. (CBRE) is pleased to announce that it has arranged the transaction for the acquisition of two properties tenanted by Nationwide Mutual Insurance Company (Nationwide) via a sale leaseback transaction for a combined purchase price of $54.6 million.Steve Marzullo, Justin Marlowe and Adam Silverman of CBRE’s Greater Philadelphia Capital Markets Team, Doug Jackson of CBRE’s Global Workplace Solutions Group in Columbus, OH, and Jeremy Shyk and Michael Curran of CBRE’s Harrisburg Office Brokerage Group, represented Nationwide. Tones Vaisey PLLC represented BNL.
Nationwide, a Fortune 100 company, carries investment grade credit ratings of A+ from Standard & Poor’s and A1 from Moody’s Investors Service (Moody’s), respectively, and is one of the largest diversified insurance and financial services companies in the world. BNL recently obtained an investment grade credit rating (Baa3 with a stable outlook) from Moody’s, and this acquisition further enhances the REIT’s underlying tenant credit profile.
The two mission-critical properties, which total approximately 385,000 square feet on 65 acres, are located in Harrisburg and Harleysville, Pennsylvania, and are tenanted under one master lease for an initial term of 12 years. The properties, which have seen significant renovations in recent years, support numerous Nationwide business units, including underwriting, claims processing, and information technology, amongst others.
“The sale leaseback opportunity garnered significant interest from investors nationwide. Broadstone demonstrated a high level of professionalism, executed timely due diligence and delivered seamlessly through to closing. Our team continues to experience a healthy demand for single tenant office and industrial offerings and corporations looking to monetize assets in this aggressive capital markets environment,” noted Steve Marzullo, Senior Vice President of CBRE.
“We are thrilled to acquire these two Nationwide properties, and to commence a new 12-year lease via this sale leaseback transaction,” said Amy Tait, Chairman and CEO of Broadstone Real Estate. “BNL has assembled a fully-leased portfolio of 348 properties, and this acquisition serves to further bolster the credit strength of our portfolio.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
