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
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