Northlake is 97% leased to 49 tenants. Among them are Toys R Us, Office Max, PetSmart, Haverty's, AMC Theaters, and Bally Total Fitness.

Banyan credited the buyer with the outstanding balance of about $16.73 million on a first-mortgage loan on the property. In addition, Banyan paid $430,000 in real estate commissions, closing costs and transaction expenses, leaving the REIT with net proceeds of $3.24 million.

Banyan adopted a plan of termination and liquidation in January 2001 and disposed of 85% of its portfolio to a single buyer, Rahway, NJ-based Denholtz Associates, the following May. The REIT intends to dissolve on Dec. 31 and transfer all of its remaining assets and liabilities into a liquidating trust.

In a printed statement issued at the closing of Northlake Tower, L.G. Schafran, interim president, chairman and chief executive officer, says the company would direct "all of our attention to the Levine litigation, which we hope to accomplish not later than the end of the second quarter of 2003."

In October 2000, Banyan filed a lawsuit against Leonard Levine, whom the REIT had suspended as president the previous August, charging him with breaching his fiduciary duty and calling on him to pay back certain salary and benefit compensation.

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