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Banyan Extends $20M Northlake Closing for Fifth Time

ATLANTA-The 322,000-sf shopping center in Tucker, GA is the sole remaining property standing in the way of the Oak Brook, IL-based REIT's liquidation plan, announced on Jan. 5, 2001. The initial July 17, 2002 closing is extended to Sept. 30.

By Marita Thomas | Updated on September 26, 2002

ATLANTA-Oak Brook, IL-based Banyan Strategic Realty Trust has extended the closing date on Northlake Tower Festival Mall in Tucker, GA to Sept. 30. The sale, announced on May 2 and originally set for July 17, has been extended five times.

West Coast Realty Investors Inc., a Delaware-registered corporation, offered $20.5 million for the center in May of this year. It is the only remaining property in Banyan’s portfolio, which once encompassed 27 shopping centers.

Rahway, NJ-based Denholtz Associates acquired the bulk of the portfolio for $185.25 million in May 2001, five months after Banyan adopted a plan of termination and liquidation. Northlake represents 9% of Banyan’s original portfolio.

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