American Realty Capital Trust Inc., a real estate investment trust in Jenkintown, Pa., has bought 18 branches from Rockland Trust Co. for $33 million and is leasing them back to the Massachusetts bank.
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The REIT bought the branches May 2, according to a Securities and Exchange Commission filing. The 18 southeastern Massachusetts branches have a total of 121,000 square feet. The bank's annual rent for the properties will be $2.3 million, according to the filing.
Rockland Trust is the banking unit of the $3.3 billion-asset Independent Bank Corp in Rockland. The company bought Slade's Ferry Bancorp in March and now has 61 branches in Massachusetts.
