Announces Closing Of Sale of Oklahoma Apartment Portfolio
CHICAGO, Dec. 17 /PRNewswire/ -- Banyan Strategic Realty Trust
(Nasdaq: BSRTS) announced today that its annual meeting of shareholders was
held on December 13, 1999. Among other things, the Trust's shareholders
approved a proposal to elect Messrs. Walter E. Auch, Sr., Daniel Levinson,
Stephen M. Peck, and L.G. Schafran as Trustees. Mr. Leonard G. Levine,
President of the Trust, was also re-elected to the Board of Trustees.
Mr. Levine stated that, "We are pleased that our shareholders concurred with
this proposal and are confident that the new Trustees will bring valuable
insight and experience to the Trust as we pursue our future business
strategies."
In another matter, the Trust has completed the previously announced sale
of the Oklahoma Apartment Portfolio, four separate apartment complexes
totaling 864 units. The properties were sold to an institutional investor on
December 16, 1999 for $24.1 million resulting in net proceeds of $7.4 million.
The Trust will report a gain of approximately $3.3 million in the fourth
quarter of 1999 as a result of the sale.
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
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Related links:
http://www.banyanreit.com
CONTACT:
Karen Dickelman, Investor Relations of Banyan
Strategic Realty Trust, 312-683-3671, ir@banyanreit.com; or
General Inquiries, Tony Ebersole, 312-640-6728, Analysts,
Georganne Palffy, 312-640-6784, both of The Financial Relations
Board
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