AR Global’s American Finance Trust Completes $148 Million Property Sale
American Finance Trust Inc., a non-traded real estate investment trust sponsored by AR Global, has completed the sale of three properties leased to Merrill Lynch, Pierce, Fenner & Smith for a contract purchase price of $148 million, exclusive of closing costs.
Located in Hopewell, New Jersey, the properties were sold to Capital Commercial Investments Inc., a private real estate investor based in Austin, Texas.
As previously reported by Alts Wire, on Sept. 6, 2016, American Finance Trust entered into a merger agreement with another AR Global sponsored non-traded REIT, American Realty Capital – Retail Centers of America Inc.
The proposed merger has been severely criticized, particularly by investment bank Robert A. Stanger & Company.
Most recently, a group of ARC-Retail Centers of America shareholders filed a class action lawsuit in federal court to block the merger.
