Net Lease Office Properties (NLOP), a publicly traded real estate investment trust, recently announced 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 its own separate and publicly traded REIT.
The three properties sold by NLOP were located in Michigan and Minnesota, with notable tenants such as Carhartt Inc., AVL Michigan Holding Corp., and BCBSM Inc. The fourth property was occupied by Raytheon and located in Tucson, Arizona.
After closing costs were taken into account, the net proceeds from these sales were used to repay outstanding balances on J.P Morgan’s senior secured mortgage ($46 million) and mezzanine loan ($6 million). This leaves remaining balances of approximately $289 million and $114 million respectively.
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