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GlobeSt.com UPDATE: AFR Pays $89M for Three Bank-Leased Properties

JENKINTOWN, PA-American Financial Realty Trust acquires properties in Louisville, KY; Greensboro, NC, and Boise, ID, aggregating 531,000 sf. All are build-to-suits developed by Koll and net leased for 15 years to a Citigroup affiliate.

By Brian Miller and Marita Thomas | Updated on January 26, 2005

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JENKINTOWN, PA-Continuing its push to be the main clearinghouse for banks’ real estate, locally based American Financial Realty Trust has closed on the acquisition of three new office properties net leased for 15 years by an affiliate of Citigroup Inc. The properties, which total 531,000 sf, were acquired for about $89 million. AFR financed its acquisition of the portfolio with $67 million in unsecured debt at an all-in fixed interest rate of 6.45%. The balance was paid in cash.

The properties are in Louisville, KY; Greensboro, NC and Boise, ID. Planned and priced one year ago, the three transactions are the first acquisitions under AFRT’s “landlord-of-choice” program, wherein its bank clients pre-select AFRT to own new facilities they are having built by a third party developer. In this case, the developer was Dallas-based Koll Development.

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