J.P. Morgan Senior Secured Mortgage Repaid in Full
NEW YORK, Jan. 10, 2025 /PRNewswire/ -- Net Lease Office Properties (NYSE: NLOP) today announced the sale of the following five office properties in November and December for gross proceeds totaling $43.3 million.
|
Primary
Tenant
|
Primary
Tenant
Industry
|
Location
|
ABR
(at time
of sale)*
($000s)
|
Gross
Sale
Proceeds
($000s)
|
Square
Feet
|
NLOP
Collateral
Pool
|
|
Caremark RX,
L.L.C.
|
Health Care
Services
|
Chandler, AZ
|
$1,645
|
$15,000
|
183,000
|
Included
|
|
Vacant (formerly
BCBSM, Inc.)
|
N/A
|
Eagan, MN
|
$--
|
$11,650
|
227,666
|
Included
|
|
Charter
Communications
Operating, LLC
|
Cable &
Satellite
|
Bridgeton,
MO
|
$820
|
$7,350
|
78,080
|
Included
|
|
Merative L.P.
|
IT Consulting &
Other Services
|
Hartland,
WI
|
$669
|
$6,750
|
81,082
|
|
|
Cofinity, Inc./
Aetna Life
Insurance Co.
|
Multi-line
Insurance
|
Southfield,
MI
|
$1,833
|
$2,500
|
94,453
|
Included
|
|
Total
|
|
|
$4,967
|
$43,250
|
664,281
|
|
|
* Pro forma for any agreed to and signed future rent restructurings.
|
Net proceeds after closing costs for the collateral pool assets were used to repay approximately $30 million on J.P. Morgan's senior secured mortgage and approximately $5 million on its mezzanine loan, in accordance with terms of those facilities. In conjunction with approximately $23 million of funds from other sources, this resulted in the full repayment of J.P. Morgan's senior secured mortgage and an outstanding balance of approximately $61 million on its mezzanine loan as of December 31, 2024.
Office property sales during the fourth quarter brought total gross proceeds from dispositions completed during 2024 to approximately $364 million, including occupied sales of $319 million at a weighted-average disposition cap rate of approximately 10.5%**.
As of December 31, 2024, NLOP owned 39 office properties, comprising 37 properties in the U.S. and two in Europe.
** Excludes two assets transferred to the mortgagee and the sale of one vacant asset.
Net Lease Office Properties
Net Lease Office Properties (NYSE: NLOP) is a publicly traded real estate investment trust that owns a portfolio of high-quality office properties primarily leased to corporate tenants on a single-tenant net lease basis. Tenants operate across a variety of industries and the vast majority of properties are located in the U.S., with two located in Europe.
www.nloproperties.com
Institutional Investors:
1-212-492-1140
institutionalir@nloproperties.com
Individual Investors:
1-844-NLO REIT (656-7348)
ir@nloproperties.com
Press Contact:
Anna McGrath
1-212-492-1166
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SOURCE Net Lease Office Properties
