This is a plan that has been in place since the company was founded as American Financial Realty Trust, explains Nicholas Schorsch--CEO of American Realty Capital-- which was then acquired by Gramercy. "We focused on buying assets from financial institutions," he continues. "American Realty Capital is a more diverse platform which focuses on buying net lease assets as well as vacant assets that we reposition to other financial institutions, as well as free-standing retail users."

Schorsch tells GlobeSt.com that many of the bank branches in this portfolio already have new clients--roughly 15 are being sold to financial institutions and four more will be leased to banks. The needs of the client dictate what kind of deal is set for the future of the property. "These banks are primary corners that are either redundant or are redundant because of mergers," he enumerates. "We do long-term sale-leasebacks. We're not long-term merchant developers. We're not primarily in the business of buying and flipping properties. Our focus is tenant-centric."

The properties in this particular portfolio range from Florida, Virginia, North Carolina, Georgia, New Jersey and a couple in Pennsylvania. The plan is for the company to collect over 100 vacant branches by the end of the year from Wachovia with more acquisitions planned through other financial institutions.