Net Lease Office Properties Announces Sale of Two Office Properties Totaling $61 Million

PR Newswire
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Net Lease Office Properties Announces Sale of Two Office Properties Totaling $61 Million

PR Newswire

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