Published on Friday, May 3, 2024
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Net proceeds were used to pay down debt.
Net Lease Office Properties sold three office properties earlier this Spring for a total of $132 million.
One 104,598-square foot building, located in Hoffman Estates, Ill., traded for $36 million. Another in Collierville, Tenn., that is 390,380 square feet, sold for $62.5 million. The third 275,725-square foot asset is located in Stavanger, Norway and it traded for $33.1 million,
The REIT, which was spun off from W.P. Carey last year to focus solely on the office asset class, now owns 49 office properties, 46 of which are in the US and three in Europe.
Net proceeds were used to repay $90 million on J.P. Morgan's senior secured mortgage and approximately $14 million on its mezzanine loan year to date through May 2, 2024, resulting in outstanding balances of $199 million and $100 million.