The buyer is an entity involving Daniel Smith of Charlotte, NC, who managed Banyan properties in Florida and was joint owner with the REIT in a Tallahassee, FL property. The 322,000-sf property is 55% leased, with The Apparel Group, Ltd. being the only tenant on a lease that expires in 2004. Smith's limited partnership got a $400,000 price break, including $100,000 in deferred maintenance found in a property inspection.
Banyan netted about $2.11 million in proceeds from the sale after paying off $3.4 million in municipal bonds.
Since announcing plans to liquidate in January 2001, Banyan has sold off 91% of its assets, almost all of that in a $186.25-million deal with Rahway, NJ-based Denholtz Associates in 2001.
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