EXHIBIT 99.20
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AT THE TRUST
Robert G. Higgins Investor Relations
First Vice President, General Counsel L.G. Schafran - Chairman and
630-218-7255 Interim CEO/President
bhiggins@banyanreit.com 630-218-7250
ir@banyanreit.com
FOR IMMEDIATE RELEASE
WEDNESDAY, SEPTEMBER 18, 2002
BANYAN STRATEGIC REALTY TRUST EXTENDES
NORTHLAKE CLOSING DATE ONE WEEK
OAK BROOK, ILLINOIS - SEPTEMBER 18, 2002 - BANYAN STRATEGIC REALTY TRUST
(OTCBB: BSRTS) announced today that it has entered into an amendment with
the proposed purchaser of Banyan's ground lease interest in the Northlake
Tower Festival Mall (suburban Atlanta, Georgia) extending the closing date
from September 17, 2002 to September 24, 2002. The extension was
necessitated by, among other things, the fact that the purchaser had not
yet obtained all of the approvals of the required rating agencies necessary
for closing. In addition, formal consent to the transaction has not yet
been received from the owner of the land upon which the shopping center is
situated. Rating agency approval is required for the Purchaser's assumption
of the first mortgage debt that encumbers the property, and the land
owner's consent is required by the applicable ground lease.
Banyan indicated that both it and the purchaser intend to work together to
accomplish the remaining steps to complete the closing within the next few
days, but that a one week extension was agreed upon in order to allow ample
time. If the rating agency approvals are not received, or other conditions
precedent to closing are not satisfied, the purchaser may terminate the
contract without penalty.
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that adopted a Plan of Termination and Liquidation on January 5,
2001. On May 17, 2001, the Trust sold approximately 85% of its portfolio
in a single transaction. Other properties were sold on April 1, 2002 and
May 1, 2002. Banyan now owns a leasehold interest in one (1) real estate
property located in Atlanta, Georgia, representing approximately 9% of its
original portfolio. This property is subject to a contract of sale,
currently scheduled to close on September 24, 2002. Since adopting the
Plan of Termination and Liquidation, Banyan has made liquidating
distributions totaling $5.45 per share. As of this date, the Trust has
15,496,806 shares of beneficial interest outstanding.
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BANYAN STRATEGIC REALTY TRUST
ADD 2
Except for the historical information contained herein, certain matters
discussed in this release are forward-looking statements, the achievement
of which involve risks and uncertainties such as the sale of the Trust's
remaining property, the amount of the remaining liquidating distributions,
the outcome of pending litigation and other risks and uncertainties that
are detailed from time to time in the Trust's reports filed with the
Securities and Exchange Commission, including the report on Form 10-K for
the year ended December 31, 2001 which was filed with the Securities and
Exchange Commission on March 21, 2002. Please see also the "Management's
Discussion and Analysis of Financial Condition and Results of Operations"
section which was included in our Form 10-Q for the quarter ended June 30,
2002 which was filed with the Securities and Exchange Commission on
August 9, 2002. Without limitation, the foregoing words such as
"anticipates", "expects", "intends", "plans", and similar expressions are
intended to identify forward-looking statements.
See Banyan's Website at http://www.banyanreit.com.
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