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.

    Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.

    The post NLOP Sells Four Office Assets for $43M appeared first on Connect CRE.


    Gillian Executive Search is a leader in Commercial Office Development, Financing, Design and Construction recruiting. www.gessearch.com