Finova originally acquired the properties, all located in the Carolinas, through a sale/leaseback arrangement with Branch Banking in 1985.
This is American Financial's second major acquisition this month. Earlier in April it paid an unnamed commercial finance company approximately $135.45 per sf for an 87-property portfolio, consisting of 72 branches and 15 buildings leased to Charlotte, NC-based Wachovia Bank. These properties, with aggregate space of about 1.1 million sf, are also located in the Southeastern US.
American Financial, a self-administered, self-managed REIT, was founded in September 2002 to specialize in the acquisition of properties occupied by financial institutions. Its shares are traded in the Portal System under the symbol, AFRTRPC.
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