American Financial Buys FL, GA Bank Branches

LITHONIA, GA-American Financial Realty Trust of Jenkintown, PA paid top dollar for six Wachovia Bank branches in Georgia and Florida, acquiring a total 25,840 sf of prime space in key locations for $4.8 million or about $187.40 per sf.

Five of the properties are vacant; one is occupied by BB&T. The Georgia locations are a 3,710-sf branch in Lithonia and a 2,000-sf branch in Sylvania. The Florida properties are a 3,200-sf branch in Cocoa Beach; an 8,150-sf branch in West Palm Beach; and two branches, 3,230 and 5,550 sf, in Indian Harbour. The Pennsylvania REIT already has contracted to sell one of the vacant assets. Four properties are being marketed for lease.