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Banyan Closes Alabama Office Deal

ATLANTA-The Oak Brook, IL-based REIT sold the six-building, 184,738-sf University Square Business Center in Huntsville, AL to Alabama-based USBCC for $8.45 million or $45.74 per sf. Banyan realized $3.3 million in net proceeds from the sale, or 21 cents per share.

By Stacey Corso | Updated on April 02, 2002

ATLANTA-Alabama-based USBCC has finalized its purchase of the six-building, 184,738-sf University Square Business Center complex in Huntsville, AL from Oak Brook, IL-based Banyan Strategic Realty Trust for $8.45 million or $45.74 per sf.

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.

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