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.

Net Lease Office Properties Logo (PRNewsfoto/Net Lease Office Properties)

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
institutionalir@nloproperties.com

Individual Investors: 
1-844-NLO REIT (656-7348)
ir@nloproperties.com

Press Contact:
Anna McGrath
1-212-492-1166

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/net-lease-office-properties-announces-sale-of-office-property-for-72-million-302217288.html

SOURCE Net Lease Office Properties

Copyright 2024 PR Newswire

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