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Net Lease Office Properties Announces Sales of Four U.S. Office Properties Totaling $43 Million

NEW YORK, Jan. 11, 2024 /PRNewswire/ — Net Lease Office Properties (NYSE: NLOP) today announced the sale of the following four U.S. office properties during December 2023 for gross proceeds totaling approximately $43.1 million:

Primary Tenant  

Primary Tenant Industry  

Location

ABR (as of 9/30/23)  

Gross Sale Proceeds  

Square Feet  

Raytheon
Corporation

Aerospace & Defense

Tucson, AZ

$2.0 million

$24.6 million

143,650

Carhartt, Inc.

Apparel, Accessories
& Luxury

Dearborn, MI

$0.7 million

$9.8 million

58,722

AVL Michigan
Holding
Corporation

Auto Parts & Equipment

Plymouth, MI

$0.6 million

$6.2 million

70,000

BCBSM, Inc.
(Blue Cross /
Blue Shield)

Managed Health Care

Eagan, MN

$0.3 million

$2.5 million

29,916

Total



$3.6 million

$43.1 million

302,288

Net proceeds after closing costs, together with funds from other sources (including operating cash flow), were used to repay approximately $46 million on J.P. Morgan’s senior secured mortgage and approximately $6 million on its mezzanine loan, in accordance with terms of those facilities. This resulted in outstanding balances of approximately $289 million and $114 million, respectively, as of December 31, 2023.

Subsequent to the dispositions, NLOP owned 55 office properties, comprising 50 properties in the U.S. and five in Europe.

Net Lease Office Properties

Net Lease Office Properties (NYSE: NLOP) is a publicly traded real estate investment trust that owns a portfolio of high-quality office properties primarily leased to corporate tenants on a single-tenant net lease basis. Tenants operate across a variety of industries and the vast majority of properties are located in the U.S., with the balance located in Europe.

www.nloproperties.com

Institutional Investors: 
1-212-492-1140
[email protected] 

Individual Investors: 
1-844-NLO REIT (656-7348)
[email protected] 

Press Contact:
Anna McGrath
1-212-492-1166

SOURCE Net Lease Office Properties

Originally published at https://www.prnewswire.com/news-releases/net-lease-office-properties-announces-sales-of-four-us-office-properties-totaling-43-million-302031931.html
Images courtesy of https://pixabay.com

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