HINSDALE, IL-American Financial Realty Trust has entered the Chicago market with a $5.2-million acquisition of United Community Bank of Lisle's branch at 21 W. 2nd St. The Jenkintown, PA-based REIT that focuses on properties leased by financial institutions is teaming with Bank Property Advisors on the deal with the developer of the 12,972-sf building, Passero Builders, Inc. of nearby Clarendon Hills.
United Community Bank of Lisle occupies 75% of the building, constructed in 2003, with another tenant leasing the rest. Passero Builders acquired the 19,800-sf site in 2002 for more than $2 million, according to property records.
United Community Bank of Lisle operates two other branches in addition to its location in this affluent western suburb's downtown area, about two blocks from a Metra commuter rail station. "This acquisition provides a foothold into the strong suburban Chicago banking market," says American Financial Realty vice president of acquisitions James Mirage.
Chicago-based Bank Property Advisors specializes in striking sale-leaseback deals with financial institutions.
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