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Stonehaven Realty Trust Buying Back Shares

MINNEAPOLIS-After selling its technology unit, Stonehaven says it will work on filling up and possibly expanding its real estate portfolio. Its four properties total 129,000 sf and are 83% occupied.

By Jim McCartney | Updated on December 11, 2001

MINNEAPOLIS-Stonehaven Realty Trust, a real estate and technology company, says its board of directors has authorized management to repurchase its common and preferred stock. After selling its main technology business, its SmartCabinet software and related assets to Stellent for $6 million in stock, the company is focusing on selling off its inventory of that software and maximizing returns on its two-year royalty and referral agreement from Stellent.

Meanwhile, the Company now owns four commercial properties, totaling 129,000 sf, which are, on average, 83% occupied. The company is focused on leasing the current vacant space and is evaluating opportunities to expand the existing operations.

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