JENKINTOWN, PA - September 25, 2003 - PRNewswire/FirstCall
American Financial Realty Trust (NYSE: AFR) has acquired from Prefco III Limited Partnership (Pitney Bowes, Inc.) 98 bank branches containing approximately 482,000 square feet. The purchase price for the portfolio was approximately $90.0 million. The 2004 contractual rent under the lease is approximately $7.5 million.
Bank of America, N.A. will lease 74 of the properties for 20 years on a triple-net lease basis. Among the other properties, seven will be leased to Bank of America, N.A. for varying terms, 14 are subleased with leases expiring in December 2008, and the remaining three are vacant. Bank of America is AFR's largest tenant.
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Thursday, September 25, 2003
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