Net Lease Office Properties (NLOP), headquartered in New York City, said it had sold three office properties in March and April for gross proceeds totaling approximately $131.6 million. They included the $62.5-million sale of a Collierville, TN property leased to FedEx Corporate Services; the $36-million divestiture of a Hoffman Estates, IL asset leased to DMG Mori Seiki U.S.A., Inc; and the $33.1-million sale of a Stavanger, Norway property leased to Total E&P Norge AS.
NLOP didn’t disclose the buyer or buyers. Combined, the three properties total 770,703 square feet.
Net proceeds after closing costs were used to repay approximately $90 million on J.P. Morgan’s senior secured mortgage and approximately $14 million on its mezzanine loan year to date. This resulted in outstanding balances of approximately $199 million and $100 million, respectively, as of May 2, 2024.
Separately, in April, NLOP disposed of two office properties encumbered by individual non-recourse mortgage loans through transfers to the lender. One was was leased to Exelon Generation Company, LLC and the other was formerly leased to AVT Technology Solutions LLC.
The post Net Lease Office Properties Divests Three Assets for $132M appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
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