American Financial Realty Trust acquired 101 Independence Center, a 526,000-square-foot, class A office building in Charlotte, N.C.
Cousins Properties Inc. sold the property for an aggregate purchase price of $100 million, including the assumption of $43.3 million of outstanding indebtedness.
101 Independence Center, located at the intersection of Tryon and Trade Streets, was 92 percent leased at the time of sale, with Bank of America occupying 68 percent, or 360,000 square feet, of the available space. In connection with the acquisition, Bank of America agreed to extend its leases for 344,000 square feet at the property through 2021, subject to certain termination rights, and AFRT paid Bank of America a lease extension fee of $5.7 million. The company intends to prepay the outstanding indebtedness on the property in the next 30 days.
American Financial Realty Trust is a self-administered, self-managed real estate investment trust that acquires properties from regulated financial institutions.
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