Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JENKINTOWN, PA-Locally based American Financial Realty Trust adds another 250,000 sf to its portfolio with the acquisition of 10 properties from Scottsdale, AZ-based Finova Capital Corp. They include seven branches and three office buildings, all leased to Winston-Salem, NC-based Branch Banking and Trust Co.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.