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) April 30, 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 3 pages.
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On April 30, 1998, the Trust acquired interest in four multi-tenant
office properties in Orlando and Winter Park, Florida.
ORLANDO OFFICE BUILDING PORTFOLIO
The Orlando Office Building Portfolio consists of four multi-tenant
office properties in Orlando and Winter Park, Florida. The portfolio
includes sixteen buildings containing a total of approximately 291,100 net
rentable square feet which were acquired for approximately $23.5 million
including closing costs and other related expenses. The properties were
purchased utilizing proceeds from the revolving line of credit obtained
from Nomura Asset Capital Corporation, which will be repaid upon obtaining
permanent financing for the properties.
The aggregate occupancy of the portfolio is 91 percent. A breakdown
of the individual properties in the Orlando Office Building Portfolio are:
University Corp. Center Winter Park, FL 7 bldgs.; 127,800 sq.ft.; 94% occup.
Metric Plaza Winter Park, FL 2 bldgs.; 32,000 sq. ft.; 69% occup.
Park Center Orlando, FL 2 bldgs.; 47,200 sq. ft.; 85% occup.
Sand Lake Tech. Center Orlando, FL 5 bldgs.; 84,100 sq. ft.; 97% occup.
The day-to-day operations of the properties are managed by Welsh
Companies, Inc., which will receive a management fee each month equal to 3.5%
of gross collections, as defined in the management agreement, for these
management services. The term of the management agreement is for one year,
cancelable upon 30 days written notice. If not terminated, the agreement will
automatically renew for additional periods of one year each.
ITEM 7. STATEMENTS AND EXHIBITS.
The Trust is currently unable to provide the financial statements and
pro forma financial information as part of this report as required under
Item 7 Financial Statements, Pro Forma Financial Information and Exhibits
(a)(b) of Form 8-K as of the date hereof. As of the date of this filing,
the Trust's independent accountants had not completed the audits of the
1997 and 1998 operating results of the properties on which the Trust bases
its pro forma operating estimates. The Trust currently anticipates
completion of the audit and filing of all required financial statements and
pro forma financial information for the properties within sixty days of the
date of this report.
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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: May 14, 1998 BANYAN STRATEGIC REALTY TRUST
(Registrant)
By: /s/ Joel L. Teglia
Vice President,
Chief Financial and
Accounting Officer
