Net Lease Office Properties Announces Sale of Two Office Properties Totaling $61 Million

Core Viewpoint - Net Lease Office Properties (NLOP) has successfully sold two office properties leased to Blue Cross Blue Shield for gross proceeds of $60.7 million, indicating a strategic move to manage its portfolio and reduce debt obligations [1][6]. Group 1: Sale Details - The sale involved two office properties located at 1800 and 3400 Yankee Doodle Road, Eagan, MN, with a total gross sale proceeds of $60.7 million [3][1]. - The properties had an aggregate square footage of 347,472 [3]. Group 2: Financial Impact - Following the sale, NLOP utilized net proceeds after closing costs to repay approximately $48 million on J.P. Morgan's senior secured mortgage and about $8 million on its mezzanine loan, leading to outstanding balances of approximately $151 million and $92 million, respectively, as of June 10, 2024 [6]. Group 3: Portfolio Overview - Post-sale, NLOP owns a total of 47 office properties, which includes 44 properties in the U.S. and three in Europe, with three remaining properties still leased to Blue Cross Blue Shield [5][7].