Denholtz Management will pay Banyan $250,000 if it decides not to go through with the deal by April 9. Banyan is holding a $1.5-million deposit in escrow.
In addition, Banyan revealed it may not sell its entire 3.5-million-sf portfolio to Denholtz Management, and there may be changes in the deal. The full purchase may be reduced by $2 million, and the $1.5-million earnest money could be halved. Closing also may be extended from April 30 to June 1.
Closing on three properties could be extended to July or December, Banyan officials say, while the REIT explores possible sales of a 322,065-sf warehouse on 50 acres in Louisville, KY and 304,082-sf Northlake Tower Festival shopping center in Tucker, GA to someone other than Denholtz Management. Banyan is seeking a December closing on the 184,738-sf University Square in Huntsville, AL. Excluding those three properties, the June closing would be a $185.25-million deal.
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