Net Lease Office Properties has sold an office property leased to CVS Health Corporation (CVS) for $71.5 million.
The property is located in Scottsdale, Ariz., and totals 354,888 square feet.
Net proceeds after closing costs were used to repay approximately $55 million on J.P. Morgan's senior secured mortgage and approximately $8 million on its mezzanine loan, in accordance with the terms of those facilities. In conjunction with approximately $4 million of funds from other sources, this resulted in outstanding balances of approximately $74 million and $81 million.