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Net Lease Office Properties Divests Three Assets for $132M
Net Lease Office Properties (NLOP), headquartered in New York City, said it had sold three office properties in March and April for gross proceeds totaling approximately $131.6 million. They included the $62.5-million sale of a Collierville, TN property leased to FedEx Corporate Services; the $36-million divestiture of a Hoffman Estates, IL asset leased to DMG Mori Seiki U.S.A., Inc; and the $33.1-million sale of a Stavanger, Norway property leased to Total E&P Norge AS.
NLOP didn’t disclose the buyer or buyers. Combined, the three properties total 770,703 square feet.
Net proceeds after closing costs 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. 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 was was leased to Exelon Generation Company, LLC and the other was formerly leased to AVT Technology Solutions LLC.
- ◦Sale/Acquisition
