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): December 15, 1997
BANYAN STRATEGIC REALTY TRUST
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(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 4 pages.
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ITEM 5. OTHER INFORMATION
On December 15, 1997, the Trust issued a Press Release, a copy of
which 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 December 15, 1997
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<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: January 5, 1998 BANYAN STRATEGIC REALTY TRUST
(Registrant)
By: /s/ JOEL L. TEGLIA
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Joel L. Teglia
Vice President,
Chief Financial and
Accounting Officer
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<PAGE>
EXHIBIT (99.4)
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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
BANYAN STRATEGIC REALTY TRUST ANNOUNCES $3.1 MILLION ACQUISITION OF
MULTI-TENANT OFFICE PROPERTY IN MEMPHIS, TENNESSEE
FOR IMMEDIATE RELEASE
CHICAGO, DECEMBER 15, 1997 -- BANYAN STRATEGIC REALTY TRUST (Nasdaq: VLANS)
today reported the acquisition on December 10, 1997, of a multi-tenant
office property located in Memphis, Tennessee.
The property, known as Airways Plaza, consists of five one-story buildings
containing approximately 87,830 net rentable square feet and was acquired
for a price of approximately $3.1 million ($35 per square foot), including
closing costs and related expenses.
The purchase price equates to a capitalization rate of 16 percent on
projected net operating income. The property is currently 100 percent
leased to three tenants, with 87 percent of the space leased to several
divisions of the Federal Express Corporation. The Federal Express lease
expires in March 1999. While the Trust expects that several of the Federal
Express divisions will continue to occupy the leased space, it is likely
that a portion of the space will be vacated when Federal Express relocates
certain divisions to a new facility currently under construction. The
projected 1998 return on investment reflects the risk associated with the
re-leasing of the Federal Express space. The Trust believes any space
vacated by Federal Express will be leased at comparable rates.
The acquisition of Airways Plaza represents the twenty-fifth investment
made by the Trust since the inception of its investment program in 1993.
Funding for the acquisition was provided by a draw upon the Trust's bank
line of credit.
Banyan Strategic Realty Trust is a diversified equity real estate
investment trust (REIT) with a portfolio that includes primarily light
industrial/warehouse 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. The Trust currently has 13,238,812 shares of
beneficial interest outstanding.
Some of the statements, expectations and assumptions contained in the
foregoing are forward-looking statements that involve a number of risks and
uncertainties. Although the Trust has used its best efforts to be accurate
in making these forward-looking statements, it is possible that the
assumptions made by management may not materialize. The cash flow generated
by, or capital appreciation from, real property investment may be adversely
affected by changes in demographics, local real estate conditions,
governmental regulations, zoning or tax laws, environmental or other legal
liabilities and changes in interest rates.
See Banyan's new website at http://www.banyanreit.com
for complete company information.
For further information regarding Banyan free of charge via fax,
dial 1-800-PRO-INFO and enter "VLANS."
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