GDPR Compliance

We use cookies to ensure you get the best experience on our website. By continuing to use our site, you accept our use of cookies, Privacy Policy, and Terms of Service.

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

Pacific Press Staff ~ 8/6/2024
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 . PrimaryTenant PrimaryTenantIndustry Locations

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

PrimaryTenantIndustry

Locations

ABR(at timeof sale)

Gross Sale Proceeds

SquareFeet

NLOPCollateralPool

Blue CrossBlue Shield

Managed Health Care

1800 and 3400Yankee DoodleRoad, 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: 1-212-492-1140institutionalir@nloproperties.com

Individual Investors: 1-844-NLO REIT (656-7348)ir@nloproperties.com

Press Contact:Anna McGrath1-212-492-1166

SOURCE Net Lease Office Properties Originally published at https://www.prnewswire.com/news-releases/net-lease-office-properties-announces-sale-of-two-office-properties-totaling-61-million-302168829.html Images courtesy of https://pixabay.com

Photo by RDNE Stock project via Pexels

More from Real Estate