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): January 21, 1998
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 January 21, 1998, the Trust issued a Press Release, a copy of
which is attached hereto as Exhibit (99.6) 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 (99.6) Press Release dated January 21, 1998
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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 23, 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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EXHIBIT (99.6)
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AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
Karen Dickelman Dennis Waite Laura Kuhlmann Susan Steidle
Director of General Inquiries Media Inquiries Analyst Inquiries
Investor 312 640-6674 312 640-6727 312-640-6774
Relations
312 683-3671
BANYAN STRATEGIC REALTY TRUST ANNOUNCES $4.4 MILLION ACQUISITION OF MULTI-
TENANT OFFICE PROPERTY IN NORCROSS, GEORGIA
FOR IMMEDIATE RELEASE
CHICAGO, JANUARY 21, 1998-- BANYAN STRATEGIC REALTY TRUST (Nasdaq:
VLANS) today reported the acquisition of a multi-tenant office property
located in Norcross, Georgia, a northeast suburb of Atlanta.
The property, known as Peachtree Pointe Office Park, consists of five
one-story office buildings containing approximately 71,746 net rentable
square feet and was acquired for approximately $4.5 million ($69 per square
foot), including closing costs and related expenses. The property is
currently 92 percent occupied and has 23 tenants.
Funding for the acquisition was provided partially by the Trust's
cash reserves and partially by a draw upon the Trust's bank line of credit.
Peachtree Pointe Office Center is the twenty-sixth investment made 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 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 13,239,202 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 change in demographic, local real estate conditions,
government regulations, zoning or tax laws, environmental or other legal
liabilities and changes in interest rates.
See Banyan's 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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