Broadstone Net Lease Inc. (NYSE: BNL) announced it has added a build-to-suit development project for Tesla Inc. with an estimated total investment of $39.8 million.

The project involves constructing a sales, service, and delivery facility in Las Vegas, Nevada. The 60,000-square-foot facility is scheduled to begin construction in June 2026, with rent commencement expected in the fourth quarter of 2027.

The lease agreement spans 15 years and includes annual rent escalations of 3%. Broadstone has invested $19.2 million in the project to date, with an estimated $20.6 million remaining. The company expects a cash capitalization rate of 6.7% and a straight-line yield of 8.3% from the investment.

The facility will be sourced through an existing developer relationship, according to the company's statement. This development adds to Broadstone's portfolio of industrial-focused net lease properties.

As of March 31, 2026, Broadstone's portfolio consisted of 773 individual net leased commercial properties, with 766 properties located across 44 U.S. states and seven properties in four Canadian provinces.