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$NLOP Announces $61 Million Sale of Two Office Properties at 7.7% Cap Rate

Jun 11, 2024, 01:43 PM

Net Lease Office Properties (NLOP) announced the sale of two office properties totaling $61 million. The properties, both Blue Cross Blue Shield buildings, were sold at a cap rate of 7.7%, with a price per square foot of $175. The proceeds from the sale will be used to pay down debt. This announcement comes approximately six weeks after NLOP's last sales announcement, and the company has now paid off just under half of its pooled debt.