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 23, 1998
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)
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
This document consists of 5 pages.
- 1 -
<PAGE>
ITEM 5. OTHER INFORMATION
On March 23, 1998, the Trust issued a Press Release, a copy of which
is attached hereto as Exhibit (99.10) 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 (99.10) Press Release dated March 23, 1998
- 2 -
<PAGE>
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 27, 1998 BANYAN STRATEGIC REALTY TRUST
(Registrant)
By: /s/ JOEL L. TEGLIA
---------------------
Joel L. Teglia
Vice President,
Chief Financial Officer
- 3 -
EXHIBIT (99.10)
- ---------------
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
Karen Dickelman Dennis Waite Laura Kuhlmann Susan Steidle
Director of General InquiriesMedia Inquiries Analyst Inquiries
Investor 312 640-6674 312 640-6727 312-640-6774
Relations
312 683-3671
FOR IMMEDIATE RELEASE
BANYAN STRATEGIC REALTY TRUST ANNOUNCES $5.1 MILLION ACQUISITION OF MULTI-
TENANT OFFICE PROPERTY IN NORCROSS, GEORGIA
CHICAGO, MARCH 23, 1998--BANYAN STRATEGIC REALTY TRUST (Nasdaq:
BSRTS) today reported the acquisition of a multi-tenant office property
located in Norcross, Georgia, a northeast suburb of Atlanta.
The property, known as Avalon Center Office Park, consists of two
one-story office buildings containing approximately 52,446 net rentable
square feet and was acquired for approximately $5.1 million ($97.24 per
square foot) including costs, anticipated tenant improvements and other
related expenses.
Avalon Center Office Park was constructed in 1997 and is currently 65
percent leased to three tenants occupying approximately 34,000 square feet.
Leonard G. Levine, president and chief executive officer, commented, "We
expect that substantially all of the remaining space will be leased by
year-end 1998, at which time the unleveraged net income will be in excess
of 12 percent." With the acquisition of Avalon Center Office Park, the
Trust's real estate holdings in the greater Atlanta area now total
approximately 613,000 square feet. Funding for the acquisition was
provided by a draw upon the Trust's bank line of credit. Avalon Center
Office Park is the twenty-seventh investment by the Trust since the
inception of its investment program in 1993.
Banyan Strategic Realty Trust is a diversified equity Real Estate
Investment Trust (REIT) with a portfolio that includes primarily
flex/industrial and suburban office buildings, as well as retail and
residential properties. The properties are located in major metropolitan
areas and mid-to-small second tier markets primarily in the Midwest and
Southeast United States. Currently, the Trust has 13,268,848 shares of
beneficial interest outstanding.
Some of the statements contained in the foregoing are forward-looking
statements. Words such as "believes," "intends," "anticipates," "expects,"
and similar expressions are intended to identify forward-looking statements
which are subject to a number of risks and uncertainties, including, among
other things, general real estate investment risks, lack of operating
history associated with recent acquisitions, potential inability to repay
or finance indebtedness at maturity, increases in interest rates,
competition for property acquisitions, adverse consequences of failure to
qualify as a REIT, and possible environmental liabilities. Actual results
could differ materially from those projected in these forward-looking
statements. Reference is made to the annual report on Form 10-K filed by
the Trust, specifically under the heading "Management's Discussion and
Analysis of Financial Condition and Results of Operations - Factors
Affecting the Trust's Business Plan" for a more complete discussion of
these risk factors. The Trust undertakes no obligation to publicly release
the result of any revisions to these forward-looking statements that may be
made to reflect any future events or circumstances.
See Banyan's Website at http://www.banyanreit.com for complete
company information.
- 4 -
<PAGE>
For further information regarding Banyan free of charge via fax,
dial 1-800-PRO-INFO and enter "BSRTS."
- 5 -
