New BTS for EV at BNL
Broadstone Net Lease (NYSE: BNL) announced a new build-to-suit development for Tesla (NASDAQ: TSLA) with a total project investment of $39.8 million. The Las Vegas, NV property includes a new state of the art sales, service, and delivery facility sourced through an existing developer relationship and is expected to rent commence in Nov-2027.
The 60,000 square foot building will be subject to a 15-year lease with 3.0% annual rental escalations, and the deal priced at a 6.7% cash cap rate.
From peak to ground
After recently closing its take-private acquisition of IOS-focused Peakstone Realty Trust, affiliates of Brookfield Asset Management (NYSE: BAM) announced a joint venture with Safehold (NYSE: SAFE) in which the ground lease REIT will contribute assets with a cash rent of $14 million annually and Brookfield will purchase a 49% non-controlling interest at a gross valuation of $348 million.
Safehold will maintain day-to-day control/management of the assets and retain a series of call options beginning after year 7 to repurchase Brookfield's interest.
Separately, the ground lease REIT priced $225 million in senior unsecured notes due August 2056 at an all-in coupon of 6.615%. The debt service includes a stairstep cash rate starting at 4.00% and stepping up to the full coupon by year 21. Accounting for a $30 million hedge settlement gain, the effective semi-annual yield to maturity is about 5.83%. Proceeds will be used for general corporate purposes
In da club
VICI Properties (NYSE: VICI) announced the acquisition and planned redevelopment of the iconic Carambola Beach Resort, located in the U.S. Virgin Islands for $75 million (including $55 million of redevelopment capital). Club Med, the pioneer of the all-inclusive concept with nearly 60 resorts in some of the world’s most desired vacation destinations, will operate the facility under a 15-year triple net lease.
Originally built in 1986 by philanthropist and conservation pioneer Laurance Rockefeller, the 150-key resort sits on St. Croix. Targeted reopening is 4Q2027.
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