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 Orlando market include the 127,793-sf University Corporate Center in Winter Park, 76% occupied; 84,085-sf Sand Lake Tech Center in Orlando, 100% occupied; 47,219-sf Park Center in Orlando, 90% occupied; 32,000-sf Metric Plaza, 100% occupied. The REIT also owns a 280,956-sf office park in Tallahassee, an 83,100-sf office building in Sarasota and 79,179-sf office building in Tampa.

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.