West Coast agreed in early May of this year to buy the property for a gross purchase price of $21.5 million. Completion of the sale, however, awaits lender General Electric Capital Corp.'s approval of West Coast's assumption of first-mortgage debt of approximately $16.8 million, held on the property by GECC.
The deadline for approval, which was to expire this week, has been extended to August 25, and the sale closing is extended to September 17. Meanwhile, West Coast increased its earnest money in the offer from $200,000 to $400,000. The money is nonrefundable, unless Banyan defaults.
Northlake is a 322,000-sf power center on 38 acres. It was built in mid 1980s and acquired by Banyan in 1995. The mall is 98% occupied by 49 tenants. Among them are Toys 'R' Us, Office Max, PetSmart, Havertys Furniture, AMC Theaters and Bally Total Fitness.
"Although the closing has been unavoidably delayed due to a lengthy approval process, we are confident that the purchaser is committed to acquiring our property in September, or sooner if possible," says L.G. Schafran, chairman, chief executive and interim president of Banyan, in a printed statement. West Coast could not be reached for comment.
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