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
institutionalir@nloproperties.com
Individual Investors:
1-844-NLO REIT
(656-7348)
ir@nloproperties.com
Press Contact:
Anna
McGrath
1-212-492-1166
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SOURCE Net Lease Office Properties