Net Lease Office Properties (NLOP), a publicly traded real estate investment trust, recently completed the sale of four U.S. office properties for a total of $43.1 million in gross proceeds. In November 2023, W.P. Carey spun off NLOP as an independent REIT.
The Michigan and Minnesota markets saw significant activity from NLOP with the sale of three properties including a 58,722-square-foot building in Dearborn occupied by Carhartt Inc., which sold for $9.8 million; and a 70,000-square-foot property in Plymouth leased to AVL Michigan Holding Corp., which sold for $6.2 million.
Additionally, NLOP sold a 29,916-square-foot building in Eagan leased to BCBSM Inc., located in Minnesota’s thriving market at the price point of $2.5 million; and finally closed on its fourth transaction – selling Raytheon-occupied space totaling over 143K square feet located Tucson Arizona that fetched an impressive sum of $24 .6million.
After closing costs were deducted , net proceeds along with other funds were used to pay down J.P Morgan’s senior secured mortgage balance by approximately$46million while also paying down their mezzanine loan balance by about$6million leaving outstanding balances at roughly$289millionand$114 respectively .
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