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.

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