CHICAGO, Jan. 27 /PRNewswire/ -- Banyan Strategic Realty Trust
(Nasdaq: BSRTS) today announced that the contract to sell the Sarasota
Commerce Center, a Class A office building located in Sarasota, Florida, has
been terminated by the prospective buyer.
The transaction was subject to financing contingencies that the buyer, a
private German investor, was unable to meet. Upon termination of the
contract, the Trust retained earnest money in the amount of $100,000.
Leonard G. Levine, President and CEO, commented, "We are disappointed that
the sale of the Sarasota Commerce Center will not be completed. However, we
believe that recent interest rate increases and the reduction of the euro's
valuation against the dollar have caused many foreign buyers to postpone
acquisitions."
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that owns and acquires primarily office and flex/industrial properties.
The properties are located in certain major metropolitan areas and smaller
markets of the Midwest and Southeastern United States. The Trust's current
portfolio includes 27 properties totaling 3.5 million rentable square feet.
See Banyan's website at http//www.banyanreit.com .
For further information regarding Banyan free of charge via fax, dial
1-800-PRO-INFO and enter "BSRTS."
SOURCE Banyan Strategic Realty Trust
 back to top
Related links:
http//www.banyanreit.com
CONTACT:
Karen Dickelman, Investor Relations of Banyan
Strategic Realty Trust, 312 683-3671; or General, Tony Ebersole,
312-640-6728, or Analysts, Georganne Palffy, 312-640-6768, of The
Financial Relations Board
|
