Gross proceeds from the sales are approximately $13.8 million, according to Glenn Blumenthal, COO, who did not disclose the property locations. The company will continue to dispose of non-core properties, he says, "in an effort to reduce operating expenses" as well as stay focused on bank facilities.
During the same timeframe, American Financial acquired three bank branch properties in North Carolina and Georgia. They have an aggregate of 15,000 sf, and the total purchase price was approximately $1.9 million.
Meanwhile, the financial REIT also secures leases at two of its far-flung banking facilities. It zips up a 10-year lease for a 7,600-sf branch in Irvington, NJ that it acquired in September 2003. It also signs a five-year lease for 5,048 sf of office space in Spokane, WA. "We remain focused on maximizing the profitability of each property in our portfolio and are pursuing leasing opportunities with qualified financial institutions and high-quality tenants," Blumenthal says.
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