NLOP recently completed the sale of an office property in Scottsdale, Arizona for $71.5 million. The 380,000-square-foot building was leased to CVS Health Corporation and located near Loop 101 and Shea Boulevard.
After closing costs, NLOP used the net proceeds to repay a total of $63 million on J.P. Morgan’s senior secured mortgage and mezzanine loan. The buyer was Robert C. Samuel, acting as trustee for the Robert C. Samuel Revocable Trust.
CVS Caremark has also committed to a 15-year lease extension at this location.
As a publicly traded real estate investment trust (REIT), NLOP owns a portfolio of high-quality office properties across both domestic (43) and European (3) markets that are primarily leased on single-tenant net lease agreements with corporate tenants.
According to Colliers’ Q1 2024 survey , Phoenix’s medical office building market remains strong with seven consecutive quarters of positive net absorption totaling over 64,000 square feet during this period. This sector also boasts record-low vacancy rates while asking rates have increased by approximately three percent year-over-year to reach $25
