Net Lease Office Properties (NLOP) sold an office property leased to CVS Health Corporation (“CVS”) for $71.5 million. Net proceeds after closing costs were used to repay approximately $55 million on J.P. Morgan’s senior secured mortgage and approximately $8 million on its mezzanine loan. The buyer was Robert C. Samuel, a trustee of the Robert C. Samuel Revocable Trust. The 380,000-square-foot building is located just off Loop 101 and Shea Boulevard.

CVS Caremark recently executed a 15-year lease extension.

NLOP owns 46 office properties, 43 in the U.S. and three in Europe. 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.

According to a Colliers survey, the Phoenix MOB market in Q1 2024 remains strong. This was the seventh consecutive quarter of positive net absorption, ending at 64,281 square feet. The sector had record-low vacancy rates. Asking rates were $25.47 per square foot, increasing 3.1 percent year over year.