-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PlAEDnBYXU38CiVTwVmqoUdYVbdM//oxocMRFQ6GpSpaISDaPnEJbzlFE+mDllFb /GgRf9lv9A9bsKeZiAKSww== 0000892626-02-000107.txt : 20020415 0000892626-02-000107.hdr.sgml : 20020415 ACCESSION NUMBER: 0000892626-02-000107 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020315 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020318 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANYAN STRATEGIC REALTY TRUST CENTRAL INDEX KEY: 0000790817 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 363375345 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15465 FILM NUMBER: 02577606 BUSINESS ADDRESS: STREET 1: 2625 BUTTERFIELD RD STREET 2: STE 101 NORTH CITY: OAK BROOK STATE: IL ZIP: 60523 BUSINESS PHONE: 6302187250 FORMER COMPANY: FORMER CONFORMED NAME: VMS STRATEGIC LAND TRUST DATE OF NAME CHANGE: 19910325 FORMER COMPANY: FORMER CONFORMED NAME: BANYAN STRATEGIC LAND TRUST DATE OF NAME CHANGE: 19920703 8-K 1 ban_8k.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 15, 2002 BANYAN STRATEGIC REALTY TRUST ------------------------------------------------------ (Exact name of Registrant as specified in its charter) Massachusetts 0-15465 36-3375345 (State of or other (Commission File (I.R.S. Employer jurisdiction of Number) Identification incorporation) Number) 2625 Butterfield Road, Suite 101 N Oak Brook, Illinois 60523 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (630)218-7250 This document consists of 3 pages. Exhibit index is located on page 2. - 1 - ITEM 5. OTHER INFORMATION On March 15, 2002, the Trust issued a Press Release announcing that it has acquired the interest of its partner, M & J Wilkow, Ltd., in the Northlake Tower Festival Mall in Atlanta, Georgia for the purchase price of $1.3 million. A copy of press release is attached hereto as exhibit (99.4) and is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial Statements. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Exhibits EXHIBIT NUMBER DESCRIPTION -------------- ----------- Exhibit (99.4) Press Release dated March 15, 2002 - 2 - SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 18, 2002 BANYAN STRATEGIC REALTY TRUST (Registrant) By: /S/ JOEL L. TEGLIA ------------------------- Joel L. Teglia Executive Vice President, Chief Financial and Accounting Officer - 3 - EX-99 3 exh_994.txt EXHIBIT 99.4 - ------------ AT THE TRUST Robert G. Higgins Investor Relations First Vice President, General Counsel L.G. Schafran - Chairman and 630-218-7255 Interim CEO/President bhiggins@banyanreit.com 630-218-7250 ir@banyanreit.com FOR IMMEDIATE RELEASE FRIDAY, MARCH 15, 2002 BANYAN STRATEGIC REALTY TRUST ACQUIRES PARTNER'S INTEREST IN NORTHLAKE TOWER FESTIVAL MALL OAK BROOK, ILLINOIS - MARCH 15, 2002 - BANYAN STRATEGIC REALTY TRUST (Nasdaq: BSRTS) announced today that it has acquired the interests of its partner, M & J Wilkow, Ltd., in the Northlake Tower Festival Mall in Atlanta, Georgia. The shopping center was previously owned by Banyan and affiliates of Wilkow in a joint venture. In addition, Banyan announced that the property manager has been changed from M & J Wilkow, Ltd. to Spectrum Cauble Management, LLC of Atlanta, Georgia. The purchase price paid to Wilkow by Banyan was $1.3 million, adjusted by certain prorations and credits. Wilkow had an approximate 20% interest in the property's cash flow and an approximate 30% interest in its capital proceeds. The Northlake Tower Festival Mall is a 304,000 square foot power center located in the northeast Atlanta suburb of Tucker. It is occupied by 41 retail tenants including Toys R Us, AMC Theaters, PetSmart and Office Max. The center is currently 97 % leased. Commenting upon the acquisition, Banyan's Interim President and Chief Executive Officer, L.G. Schafran, said, "In keeping with the Trust's Plan of Termination and Liquidation adopted in January of 2001, we have acquired full control over our Northlake Property. We believe this acquisition will allow us to better position the asset for sale. We have had a long and prosperous relationship with M & J Wilkow and are grateful for their contribution to the success of this asset." Banyan noted that its other two assets, 6901 Riverport Drive in Louisville, Kentucky and University Square in Huntsville, Alabama, remain under separate contracts of sale to third parties. The closings on those two properties, if the contracts are not terminated pursuant to various purchaser rights, are scheduled to occur in the second calendar quarter. Banyan Strategic Realty Trust is an equity Real Estate Investment Trust (REIT) that, on January 5, 2001, adopted a Plan of Termination and Liquidation. On May 17, 2001, the Trust sold approximately 85% of its portfolio in a single transaction and now owns interests in three (3) real estate properties located in Atlanta, Georgia (the subject matter of this Press Release); Huntsville, Alabama (which is the subject matter of the Trust's press release of March 4, 2002); and Louisville, Kentucky (which is the subject matter of the Trust's press release of February 21, 2002). As of this date, the Trust has 15,496,806 shares of beneficial interest outstanding. -more- BANYAN STRATEGIC REALTY TRUST ADD 1 Except for the historical information contained herein, certain matters discussed in this release are forward-looking statements, the achievement of which involve risks and uncertainties such as the sale of the Trust's remaining properties, the amount of the remaining liquidating distributions, the outcome of pending litigation and other risks and uncertainties that are detailed from time to time in the Trust's reports filed with the Securities and Exchange Commission, including the report on Form 10-K for the year ended December 31, 2000 and in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section which was included in the Trust's Form 10-Q for the quarter ended September 30, 2001, which was filed with the Securities and Exchange Commission on November 14, 2001. Without limitation, the foregoing words such as "anticipates", "expects", "intends", "plans", and similar expressions are intended to identify forward-looking statements. See Banyan's Website at http://www.banyanreit.com. -30- -----END PRIVACY-ENHANCED MESSAGE-----