Subject: RLE
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 | Aerospace & Defense | Tucson, AZ | $2.0 million | $24.6 million | 143,650 |
Carhartt, Inc. | Apparel, Accessories | Dearborn, MI | $0.7 million | $9.8 million | 58,722 |
AVL Michigan | Auto Parts & Equipment | Plymouth, MI | $0.6 million | $6.2 million | 70,000 |
BCBSM, Inc. | 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.
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
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