Despite a 16% overall vacancy for the REIT's holdings, Banyan Strategic Realty Trust vice president and general counsel Robert G. Higgins said the sale was not a result of underperforming assets. "It was a question of enhancing shareholder value," Higgins told GlobeSt.com.
The REIT's new board of directors hired an affiliate of Cohen Financial in early 2000 to study Banyan's holdings, which total nearly 3.6 million sf and house approximately 480 tenants. In July, it gave Cohen the green light to market the portfolio. Cohen told the board the best course of action was to sell the entire portfolio to one buyer rather than piecemeal to multiple buyers. In October, a buyer was found.
Banyan's acquisitions since 1993 grew to 27 properties totaling 72 office and industrial buildings as well as one retail power center in Tucker, GA. The REIT also had multifamily properties in its portfolio until it sold a package of four complexes in Oklahoma totaling 864 units in 1999 for $24.1 million.
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