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American Financial Realty is planning to sell off a portion of the 150-property portfolio that it intends to buy from Wachovia
Real Estate Alert, May 26, 2004
American Financial Realty is planning to sell off a portion of the 150-property portfolio that it intends to buy from Wachovia. The $547 million transaction is slated to close in the third quarter. The package encompasses $8.2 million sf of offices and bank branches. American Financial plans to sell 24 properties with 2 million sf, most of which are vacant.
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Wachovia will lease back 5 million sf of the remaining space for 20 years and 1.1 million sf on a short-term basis. American Financial is led by mortgage-securitization pioneer Lewis R. Ranieri.
COPYRIGHT 2004 Harrison Scott Publications, Inc.
COPYRIGHT 2008 Gale, Cengage Learning
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