This follows by one day, the locallybased financial REIT's agreement to buy a 7.5-million-sf,263-property portfolio from Bank of America for $546 million.The two acquisitions increase the number of properties in AmericanFinancial's portfolio as of May 31, by 88% and the portfolio'saggregate sf by 86%.
Today's agreement identifies the seller only as a "majornational bank" with an "A" S&P rating. The portfoliocomposition includes bank branches and both large and small officebuildings. The locations are undisclosed.
The seller will lease approximately five million sf in theportfolio for a 20-year term at an annual triple-net rate equal toapproximately 8.5% of American Financial's purchase price for theleased space. In addition, the seller will lease 1.1 million sf inthe portfolio on a temporary basis for rent equal to operatingexpenses for the properties.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
