Among the properties are: 730 South 15th Street, NW in Washington, D.C., and 100 South Charles Street, an 18-story, class-A office building along Baltimore's inner harbor. The Baltimore building is known as both the Bank of America Building and NationsBank Center.
The 14-property portfolio was purchased from a subsidiary of Toledo, OH-based Dana Commercial Credit Corp. There was a simultaneous closing with a subsidiary of Berkeley Heights, NJ-based Connell Co., which held a residual interest in the properties.
Jeffrey C. Kahn, American Financials SVP of acquisitions and dispositions, negotiated the transaction with Asher Hyman of Gelcor Realty Inc./Gelcor GVA Worldwide, which is based in Philadelphia and also has an office in Allentown, PA.
The financial REIT was formed last September by the former American Financial Resource Group. It began by buying 87 bank branches from its predecessor company. Typically, it acquires real estate assets from financial institutions and owns and manages them primarily under long-term, triple net leasebacks.
This is the REIT's fourth transaction since its inception. A spokesperson would not disclose the current aggregate dollar value or square footage of American's portfolio.
According to published reports when American was formed, it expected to spend in excess of $1 billion within two years. At that time, Sonya Huffman, SVP of operations, acknowledged to GlobeSt.com, "we hope to acquire at that level, but I won't comment on our threshold.
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