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Banyan Buys Out Partner

M&J Wilkow Gives Up Interests to its Partner
By Sabeen Mushtaq
March 18, 2002 | 10:26 P.M.

Banyan Strategic Realty Trust acquired the interests of its partner M&J Wilkow Ltd., in the Northlake Tower Festival Mall in Atlanta. Banyan and affiliates of Wilkow in a joint venture previously owned the shopping center. In addition, Banyan changed property manager from M&J Wilkow to Spectrum Cauble Management LLC. The purchase price was approximately $1.3 million. Wilkow had an approximate 20 percent interest in the property's cash flow and an approximate 30 percent interest in its capital proceeds. The Northlake Tower Festival Mall, at 3983 Lavista Road, is a 304,201-square-foot power center in the northeast Atlanta suburb of Tucker. Forty-one retail tenants including Toys R Us, AMC Theaters, PetsMart and Office Max occupy the center. The center is currently 91 percent leased.

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