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American Financial Pays $146M for 87 Bank Properties

PHILADELPHIA-The Jenkintown, PA-based financial REIT has acquired 72 bank

By Marita Thomas | Updated on April 09, 2003

PHILADELPHIA-Jenkintown, PA-based American Financial Realty Trust has acquired 87 bank properties leased to Charlotte, NC-based Wachovia Bank, N.A. It paid $145.7 million, or about $132.45 per sf. The seller is an unnamed commercial finance company that acquired the properties in 1988 under a sale-leaseback arrangement with Wachovia.

The properties consist of 72 bank branches and 15 office buildings with aggregate space of approximately 1.1 million sf. Sonya A. Huffman, SVP of operations at American Financial, declined to identify specific locations to GlobeSt.com, but said all are in the Southeastern US and are not spread across all of the 11 Eastern states, from FL to CT, in which Wachovia operates.

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