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American Financial Inks Three Big Leases; Drops a Property

JENKINTOWN, PA-Shurgard Storage Centers takes 48,000 sf for 20 years; South Trust Bank signs up for 10 years in Richmond, VA, and RBC Centura inks six bank branch leases. A non-core sale brings in $3.4 million.

By Marita Thomas | Updated on December 05, 2003

JENKINTOWN, PA-Four separate transactions tightened the balance sheet for locally based American Financial Realty Trust. It disposed of a non-core, 26,000-sf office property in Key Biscayne, FL for approximately $3.4 million and inks three large lease transactions at diverse locations.

Shurgard Storage Centers signs a 20-year lease agreement for approximately 48,000 sf in the 172,000-sf Jenkins Court building here. The rent begins in July 2004. The annual rent under the triple net lease begins at $120,000 with periodic increases throughout the term. The agreement “increases the percentage of income derived from credit tenants in this facility and stabilizes the occupancy and income in the complex for many years to come,” says Glenn Blumenthal, American Financial’s COO.

South Trust Bank inks a 10-year lease for 5,000 sf in a former Wachovia branch in Richmond, VA. Its lease begins in February 2004. Annual rent begins at $70,000 with annual increases throughout the term. This is a first American Financial lease for South Trust Bank, and Nicholas Schorsch, the financial REIT’s president and CEO, says he hopes “it is the first of many mutually beneficial transactions between our organizations.”

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