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. Banyan had been exploring a mass sale of its holdings since early 2000, he added, and an affiliate of Chicago-based Cohen Financial had been marketing the portfolio since July.

Banyan's holdings in the Atlanta area include the 304,082-sf, 97%-occupied Northlake Tower Festival Shopping Center in Tucker; the 145,669-sf Technology Park in Norcross, three 100%-occupied buildings; the 119,343-sf Johns Creek Office and Industrial Park, two 100%-occupied buildings in Duluth and Suwanee; the 110,639-sf Phoenix Business Park, three 100%-occupied buildings; the 71,716-sf Peachtree Pointe Office Park, five buildings that are 77% occupied; the 57,414-sf Avalon Ridge, two 100%-occupied office buildings; the 56,199-sf Southlake Corporate Center in Morrow, a 97%-occupied building; the 52,446-sf Avalon Center Office Park in Norcross, two buildings that are 87% occupied.

The REIT's new board of directors hired an affiliate of Cohen Financial in early 2000 to study Banyan's holdings. 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.