92 F
Los Angeles
HomeReal EstateNet Lease Office Properties Announces Sale of Office Property for $72 Million

Net Lease Office Properties Announces Sale of Office Property for $72 Million

Net Lease Office Properties Announces Sale of Office Property for  Million

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
Tenant

Primary
Tenant
Industry

Location

 

ABR
(at time
of sale)

Gross Sale
Proceeds

Square
Feet

NLOP
Collateral
Pool

CVS

Health Care
Services

9501 Shea
Boulevard,
Scottsdale, AZ

$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.

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-sale-of-office-property-for-72-million-302217288.html
Images courtesy of https://pixabay.com

- Part of VUGA -marketing agency

latest articles

gossip tv free

explore more

free fashion tv