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American Financial Tightens its Bank-Building Focus

JENKINTOWN, PA-In the final month of 2003, the financial REIT disposes of eight non-core properties for a total of $13.8 million and acquires three bank branch properties in the south for approximately $1.9 million.

By Marita Thomas | Updated on January 05, 2004

JENKINTOWN, PA-In an ongoing effort to remain focused on its market niche, which is the acquisition and leasing of properties occupied by financial institutions, locally based American Financial Realty Trust closed on the sale of eight non-core properties in as many transactions during the final weeks of 2003.

Gross proceeds from the sales are approximately $13.8 million, according to Glenn Blumenthal, COO, who did not disclose the property locations. The company will continue to dispose of non-core properties, he says, “in an effort to reduce operating expenses” as well as stay focused on bank facilities.

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