NLOP has sold a CVS-leased office property for $71.5 million, with proceeds used to repay J.P. Morgan’s mortgage and mezzanine loans totaling approximately $63 million. The buyer was Robert C. Samuel, trustee of the Robert C. Samuel Revocable Trust.
The 380,000-square-foot building is located near Loop 101 and Shea Boulevard in Scottsdale.
CVS Caremark recently signed a 15-year lease extension at the property.
NLOP owns a portfolio of high-quality office properties primarily leased to corporate tenants on long-term net leases in both the U.S. and Europe.
According to Colliers’ Q1 2024 survey, Phoenix’s medical office market remains strong with positive net absorption for seven consecutive quarters and record-low vacancy rates at just over three percent.The average asking rate increased by over three percent year-over-year to $25 per square foot.
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