Sterling Bank, a Houston-based banking corporation wholly owned by Sterling Bancshares Inc., entered into a definitive agreement to sell 16 properties to First States Group LP, an affiliate of American Financial Realty Trust.
The 16 properties have not been disclosed. Sterling Bank has locations in Houston, Dallas and San Antonio.
The total purchase price is $28.3 million.
Sterling Bank will enter into a separate lease agreement for each of the 16 properties under which it will continue to utilize those properties.
Closing of the transaction is expected to occur by Dec. 15.
Newmark Southern Region LLC is brokering the deal for Sterling Bank.