OAK BROOK, Ill., March 15 /PRNewswire-FirstCall/ -- Banyan Strategic
Realty Trust (Nasdaq: BSRTS) announced today that it has acquired the
interests of its partner, M & J Wilkow, Ltd., in the Northlake Tower Festival
Mall in Atlanta, Georgia. The shopping center was previously owned by Banyan
and affiliates of Wilkow in a joint venture. In addition, Banyan announced
that the property manager has been changed from M & J Wilkow, Ltd. to Spectrum
Cauble Management, LLC of Atlanta, Georgia.
The purchase price paid to Wilkow by Banyan was $1.3 million, adjusted by
certain prorations and credits. Wilkow had an approximate 20% interest in the
property's cash flow and an approximate 30% interest in its capital proceeds.
The Northlake Tower Festival Mall is a 304,000 square foot power center
located in the northeast Atlanta suburb of Tucker. It is occupied by 41
retail tenants including Toys R Us, AMC Theaters, PetSmart and Office Max.
The center is currently 97 % leased.
Commenting upon the acquisition, Banyan's Interim President and Chief
Executive Officer, L.G. Schafran, said, "In keeping with the Trust's Plan of
Termination and Liquidation adopted in January of 2001, we have acquired full
control over our Northlake Property. We believe this acquisition will allow
us to better position the asset for sale. We have had a long and prosperous
relationship with M & J Wilkow and are grateful for their contribution to the
success of this asset."
Banyan noted that its other two assets, 6901 Riverport Drive in
Louisville, Kentucky and University Square in Huntsville, Alabama, remain
under separate contracts of sale to third parties. The closings on those two
properties, if the contracts are not terminated pursuant to various purchaser
rights, are scheduled to occur in the second calendar quarter.
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that, on January 5, 2001, adopted a Plan of Termination and
Liquidation. On May 17, 2001, the Trust sold approximately 85% of its
portfolio in a single transaction and now owns interests in three (3) real
estate properties located in Atlanta, Georgia (the subject matter of this
Press Release); Huntsville, Alabama (which is the subject matter of the
Trust's press release of March 4, 2002); and Louisville, Kentucky (which is
the subject matter of the Trust's press release of February 21, 2002). As of
this date, the Trust has 15,496,806 shares of beneficial interest outstanding.
Except for the historical information contained herein, certain matters
discussed in this release are forward-looking statements, the achievement of
which involve risks and uncertainties such as the sale of the Trust's
remaining properties, the amount of the remaining liquidating distributions,
the outcome of pending litigation and other risks and uncertainties that are
detailed from time to time in the Trust's reports filed with the Securities
and Exchange Commission, including the report on Form 10-K for the year ended
December 31, 2000 and in the "Management's Discussion and Analysis of
Financial Condition and Results of Operations" section which was included in
the Trust's Form 10-Q for the quarter ended September 30, 2001, which was
filed with the Securities and Exchange Commission on November 14, 2001.
Without limitation, the foregoing words such as "anticipates", "expects",
"intends", "plans", and similar expressions are intended to identify forward-
looking statements.
See Banyan's Website at http://www.banyanreit.com .
SOURCE Banyan Strategic Realty Trust
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Related links:
http://www.banyanreit.com
CONTACT:
Robert G. Higgins, First Vice President,
General Counsel, +1-630-218-7255, bhiggins@banyanreit.com , or
Investor Relations, L.G. Schafran, Chairman and Interim
CEO-President, +1-630-218-7250, ir@banyanreit.com , both of
Banyan Strategic Realty Trust
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