Net Lease Office Properties Sells Four Office Assets Across Three States for $43.1M

MICHIGAN, MINNESOTA AND ARIZONA — Net Lease Office Properties (NYSE: NLOP) has sold four office assets across three states for gross proceeds totaling approximately $43.1 million. The properties included: a 143,650-square-foot building in Tucson, Ariz., primarily leased to Raytheon Corp.; a 58,722-square-foot asset in Dearborn, Mich., that is home to Carhartt Inc.; a 70,000-square-foot building in Plymouth, Mich., that is primarily leased to AVL Michigan Holding Corp.; and a 29,916-square-foot property leased to BCBSM Inc. in Eagan, Minn. 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. Subsequent to the dispositions, NLOP owned 55 office properties, 50 of which are in the U.S. and five in Europe.