Banyan also took the mall's management contract away from a Chicago-based Wilkow affiliate and gave it to Atlanta-based Spectrum Cauble Management LLC. The value of the contract wasn't disclosed.
In the joint venture ownership of the suburban power center, Wilkow had a 20% interest in the property's cash flow and a 30% interest its capital proceeds. Among the tenants are Toys R Us, AMC Theaters, PetSmart and Office Max.
"We believe this acquisition will allow us to better position the asset for sale," Banyan's interim president/CEO L.G. Schafran says in a prepared statement. Banyan is following the REIT's Jan. 5, 2001 termination and liquidation plan.
Banyan's two other Southeast assets are under separate sale contracts to third parties and are scheduled to close in the second quarter. They are 6901 Riverport Drive, Louisville, KY and University Square, Huntsville, AL.
On May 17, 2001, Banyan sold 85% of its portfolio (2.7 million sf) in a single $186.25 million transaction to Rahway, NJ-based Denholtz Associates.
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