Net Lease Office sells two office properties for $61M

Net Lease Office announced the sale of two office properties leased to Blue Cross Blue Shield for gross proceeds totaling $60.7M. Net proceeds after closing costs were used to repay approximately $48M on J.P. Morgan’s senior secured mortgage and approximately $8M on its mezzanine loan. This resulted in outstanding balances of approximately $151M and $92M, respectively, as of June 10. Following the sale, NLOP owned 47 office properties, comprising 44 properties in the U.S., including three remaining properties leased to Blue Cross Blue Shield, and three properties in Europe.