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) June 9, 1995
BANYAN SHORT TERM INCOME TRUST
(Exact name of Registrant as specified in its charter)
Massachusetts 1-8820 36-6801275
(State of or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation) Number)
150 South Wacker Drive, Suite 2900, Chicago, IL 60606
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 553-9800
Item 2. Disposition of Assets.
On June 9, 1995, Banyan Short Term Income Trust (the "Registrant")
entered into a contract to sell its interest in the Boca Marina Parcel through
a wholly owned subsidiary located in Boca Raton, Florida, consisting of a
seven acre parcel of undeveloped land located adjacent to the Boca Raton Hotel
and Resort (the "Property") to Boca Marina, Ltd., an unaffiliated third party
for a total purchase price of $14,000,000. On September 21, 1995 the
Registrant completed the sale of the Property and received cash proceeds of
$13,895,000 net of closing costs in the amount of $98,000 for documentary
stamps and $4,500 in title costs. The sales price of the Property was based
upon consideration of a number of factors including market studies, sale
comparison and other internal valuations and considerations. The sale of the
Property resulted in a gain on disposition to the Registrant of approximately
$2,300,000. The Registrant has no further interest in this Property.
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: October 6, 1995 BANYAN SHORT TERM INCOME TRUST
(Registrant)
By: /s/ Joel L. Teglia
Joel L. Teglia
Its: Vice President, Chief Financial
and Accounting Officer
