The 38-acre power center is 98% leased to 49 tenants. The anchors are Toys R-Us; Office Max; PetSmart; Haverty's; AMC Theaters and Bally Total Fitness.
The deal represents 9% of Banyan's original portfolio, the REIT says in a prepared statement. If the transaction closes at the contract price, Banyan expects to realize net proceeds of about $3.35 million, or 21 ½ cents per share.
"We are resolving our outstanding obligations, including pending litigation," Robert Higgins, Banyan first vice president and chief operating officer tells GlobeSt.com. "Then we will liquidate and distribute to shareholders."
The Trust will make an interim liquidating distribution of 30 cents per share May 31 to shareholders of record on May 16.
The Atlanta disposition follows Banyan's sale of 6901 Riverport Dr. in Louisville, KY, for $5.65 million to Riverport LLC and Riverport Group LLC, based in Charlotte, NC. In April, Banyan sold University Square Business Center in Huntsville, AL, for $8.45 million to USBC LLC of Alabama.
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