This follows by one day, the locally based financial REIT's agreement to buy a 7.5-million-sf, 263-property portfolio from Bank of America for $546 million. The two acquisitions increase the number of properties in American Financial's portfolio as of May 31, by 88% and the portfolio's aggregate sf by 86%.

Today's agreement identifies the seller only as a "major national bank" with an "A" S&P rating. The portfolio composition includes bank branches and both large and small office buildings. The locations are undisclosed.

The seller will lease approximately five million sf in the portfolio for a 20-year term at an annual triple-net rate equal to approximately 8.5% of American Financial's purchase price for the leased space. In addition, the seller will lease 1.1 million sf in the portfolio on a temporary basis for rent equal to operating expenses for the properties.