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Net Lease Office Properties Announces Sales of Three Office Properties Totaling $132 Million

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

Primary
Tenant
Industry

Location

ABR
(at time
of sale)

Gross Sale
Proceeds

Square
Feet

NLOP
Collateral
Pool

Total E&P
Norge 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 SEIKI
U.S.A., INC.

Industrial
Machinery

Hoffman
Estates, 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.

www.nloproperties.com

Institutional Investors:
1-212-492-1140
[email protected]

Individual Investors:
1-844-NLO REIT (656-7348)
[email protected]

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

SOURCE Net Lease Office Properties

Originally published at https://www.prnewswire.com/news-releases/net-lease-office-properties-announces-sales-of-three-office-properties-totaling-132-million-302133911.html
Images courtesy of https://pixabay.com

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