Net Lease Office Properties Announces Sale of Office Property for $72 Million
Net Lease Office Properties Announces Sale of Office Property for $72 Million
PR Newswire
NEW YORK, Aug. 8, 2024
NEW YORK, Aug. 8, 2024 /PRNewswire/ -- Net Lease Office Properties (NYSE: NLOP) today announced the sale of an office property leased to CVS Health Corporation ("CVS") for gross proceeds of $71.5 million.
Primary | Primary | Location
| ABR | Gross Sale | Square | NLOP |
CVS | Health Care | 9501 Shea | $4.25 million | $71.5 million | 354,888 | Included |
Net proceeds after closing costs were used to repay approximately $55 million on J.P. Morgan's senior secured mortgage and approximately $8 million on its mezzanine loan, in accordance with terms of those facilities. In conjunction with approximately $4 million of funds from other sources, this resulted in outstanding balances of approximately $74 million and $81 million, respectively, as of August 7, 2024.
Following the sale, NLOP owned 46 office properties, comprising 43 properties in the U.S. and three properties 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
institutionalir@nloproperties.com
Individual Investors:
1-844-NLO REIT (656-7348)
ir@nloproperties.com
Press Contact:
Anna McGrath
1-212-492-1166
SOURCE Net Lease Office Properties
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