The portfolio consists of office and flex/industrial properties in Atlanta, GA; Chicago, IL; Huntsville, AL; Lexington, KY; Memphis, TN; and Orlando, Sarasota, Tallahassee and Tampa, FL. Denholtz recently opened new offices in Atlanta and Orlando.
Banyan had approached Cohen Financial, also of Chicago, to serve as a financial advisor and explore marketing the company or its holdings and put them on the block. Cohen turned to its affiliate CFC Advisory Services Limited Partnership in August 2000 to begin marketing the Banyan portfolio. Arthur Andersen LLP, acting as financial advisor to Denholtz, recommended the purchase.
"We are pleased to have closed on our company's largest acquisition to date," says Steven Denholtz. "This portfolio reflects our core strategy of acquiring value-added properties with significant upside potential and minimal risk exposure. As an opportunity-driven investor and developer, the Banyan acquisition allows us to quickly achieve critical mass in several prime markets and to build on our presence in the Florida region."
Denholtz CIO Stuart Green adds, "The Banyan acquisition is a perfect fit for us. The portfolio is management intensive, with a diversified tenant base and is focused in top tier markets with excellent fundamental growth prospects. This portfolio also allows us to now grow in regions where we believe there is excellent upside potential."
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