Net Lease Office Properties Announces Sales of Three Office Properties Totaling $132 Million
EDM editor||2 min read
NEW YORK , May 2 , 2024 /PRNewswire/ -- Net Lease Office Properties ( NYSE : NLOP ) today announced the sale of the following three office properties in March and April for gross proceeds totaling approximately $ 131.6 million . PrimaryTenant PrimaryTenant Industry Location ABR ( at timeof sale
NEW YORK, May 2, 2024 /PRNewswire/ -- Net Lease Office Properties (NYSE: NLOP) today announced the sale of the following three office properties in March and April for gross proceeds totaling approximately $131.6 million.
Primary
Tenant
PrimaryTenant Industry
Location
ABR(at timeof sale)
Gross Sale Proceeds
SquareFeet
NLOP Collateral Pool
Total E&PNorge AS
Oil & Gas Exploration & Production
Stavanger,Norway
$5.2 million
$33.1 million
275,725
FedEx Corporation
Air Freight &Logistics
Collierville, TN
$5.5 million
$62.5 million
390,380
X
DMG MORI SEIKIU.S.A., INC.
IndustrialMachinery
HoffmanEstates, IL
$2.5 million
$36.0 million
104,598
X
Total
$13.2 million
$131.6 million
770,703
X Indicates asset was included in the NLOP Financing Arrangements collateral pool at the time of sale
Net proceeds after closing costs for the collateral pool assets, together with funds from other sources (including operating cash flow), were used to repay approximately $90 million on J.P. Morgan's senior secured mortgage and approximately $14 million on its mezzanine loan year to date through May 2, 2024, in accordance with terms of those facilities. This resulted in outstanding balances of approximately $199 million and $100 million, respectively, as of May 2, 2024.
Separately, in April, NLOP disposed of two office properties encumbered by individual non-recourse mortgage loans through transfers to the lender, one of which was leased to Exelon Generation Company, LLC and the other was formerly leased to AVT Technology Solutions LLC.
As of May 2, 2024, NLOP owned 49 office properties, comprising 46 properties in the U.S. and three 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.
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