Net Lease Office Properties (NLOP), a publicly traded real estate investment trust, recently completed the sale of four office properties in the United States for a total of $43.1 million. This transaction was part of W.P. Carey’s spin-off of NLOP as a separate REIT in November 2023.
The sold properties include three assets located in Michigan and Minnesota, including Carhartt Inc.’s headquarters building in Dearborn and an AVL Michigan Holding Corp.-occupied property in Plymouth. Additionally, NLOP also sold an office building leased to BCBSM Inc. in Eagan, Minnesota and Raytheon’s occupied facility spanning over 143,000 square feet in Tucson, Arizona.
After accounting for closing costs and other expenses, the net proceeds from these sales were used to pay off J.P Morgan’s senior secured mortgage worth approximately $46 million and mezzanine loan worth around $6 million. As a result,the outstanding balances on these loans now stand at approximately $289 million and $114 million respectively.
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The article “NLOP Sells Four Office Assets for$43M” was originally published by Connect CRE .
