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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.

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    Inside The Story

    W.P. Carey NLOP

    About Jasmine Kilman

    Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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