Over the next 45 days, the purchaser retains an option to purchase up to an additional $15 million more of the senior notes, which would take the total to $150 million. AFR will apply net proceeds of the offering principally to fund the acquisition of additional properties. Until then, it plans to invest the proceeds in short-term marketable securities or in money market accounts.

This suggests that AFR plans to continue a buying spree that added approximately 397 bank buildings and branches, aggregating about 15.3 million sf, to its portfolio in late September, although GlobeSt.com was unable to confirm this by deadline. This addition to the AFR portfolio occurred in two separate sale/leaseback transactions at a cost in excess of $1 billion. AFR acquired 145 Wachovia properties and approximately 252 Bank of America assets.

A major portion of the financing for the BofA acquisition came from AFR's Deutsche Bank warehouse line of credit, which was raised to $400 million at Libor plus 1.75%. In the first quarter of next year, AFR plans to negotiate permanent secured financing of up to $350 million on the BofA portfolio, according to the REIT's 8-K filing with the SEC.