NEW YORK,
June 11,
2024 /PRNewswire/ -- Net Lease Office Properties
(NYSE: NLOP) today announced the sale of two office properties
leased to BCBSM, Inc. ("Blue Cross Blue Shield") for gross proceeds
totaling $60.7 million.
|
Primary
Tenant
|
Primary
Tenant
Industry
|
Locations
|
ABR
(at time
of sale)
|
Gross Sale
Proceeds
|
Square
Feet
|
NLOP
Collateral
Pool
|
|
Blue Cross
Blue Shield
|
Managed
Health Care
|
1800 and 3400
Yankee Doodle
Road, Eagan, MN
|
$4.7 million
|
$60.7
million
|
347,472
|
Included
|
Net proceeds after closing costs were used to
repay approximately $48 million on
J.P. Morgan's senior secured mortgage and approximately
$8 million on its mezzanine loan, in
accordance with terms of those facilities. This resulted in
outstanding balances of approximately $151
million and $92 million,
respectively, as of June 10,
2024.
Following the sale, NLOP owned 47 office
properties, comprising 44 properties in the U.S., including three
remaining properties leased to Blue Cross Blue Shield, and three
properties 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