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