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.
|
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
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SOURCE Net Lease Office Properties