Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NLOP Sells Four Office Assets for $43M
Net Lease Office Properties (NLOP), a publicly traded real estate investment trust, has sold four U.S. office properties for gross proceeds totaling approximately $43.1 million. In November 2023, W.P. Carey spun off Net Lease Office Properties as a separate, publicly traded real estate investment trust.
NLOP sold three properties in Michigan and Minnesota, including a 58,722-square-foot asset in Dearborn, home to Carhartt Inc. for $9.8 million and a 70,000-square-foot building in Plymouth, mainly leased to AVL Michigan Holding Corp. for $6.2 million.
NLOP also sold a 29,916-square-foot property leased to BCBSM Inc. in Eagan, Minnesota for $2.5 million. The fourth property was a Raytheon-occupied 143,650-square-foot building in Tucson, Arizona, for $24.6 million.
Net proceeds after closing costs, together with funds from other sources, were used to repay approximately $46 million on J.P. Morgan’s senior secured mortgage and approximately $6 million on its mezzanine loan. This resulted in outstanding balances of approximately $289 million and $114 million, respectively.
Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.
