Broadstone Net Lease adds $23M to build-to-suit pipeline with two new developments

Broadstone Net Lease, Inc.

Two build-to-suit projects for Hobby Lobby and Academy Sports, each 55k sq ft in Manor, TX.
Estimated total project investment: $10.3M (Hobby Lobby) and $12.4M (Academy Sports), totaling ~$22.8M.
Both have 15-year leases, annual rent escalations of 0.5% and 0.4%, and estimated cash cap rate of 7.1%.
Construction started Aug 2026; target stabilization June 2027; deals sourced off-market and directly.
Estimated straight-line yields of 7.4% (Hobby Lobby) and 7.3% (Academy Sports).

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