The property is 90% leased to 48 tenants. Banyan booked $3.3 million or 21 cents per share in net proceeds from the sale.
USBCC principals Alan C. Jenkins and Joel L. Teglia have ties to Banyan, according to the company's prepared statement. Jenkins is a principal in InterSouth Properties Inc., Banyan's contract manager of the property. Teglia is executive vice president and CFO of Banyan.
The deal allows Banyan to transfer to USBCC its $4.68 million debt owed to San Francisco-based Wells Fargo Bank. Banyan credited USBCC with $270,000 in unfinished tenant improvement work and related leasing commissions and construction management costs.
Banyan also paid $190,000 in real estate commissions, closingcosts, prorations and transaction expenses. The buyer paid the prepayment penalty of $725,000 associated with the payoff of the Wells Fargo debt.
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