Burnham Pacific announced that the date in which Pacific Retail might opt out of the deal -- Oct. 15 to Nov. 15 -- has been changed. The expected closing date, which may be further extended under certain circumstances, has been extended from Oct. 31 to Nov. 30.
In addition, the deposit paid by Pacific Retail was increased from $2.5 million to $2.75 million.
Pacific Retail LP is owned by affiliates of P. O'B. Montgomery & Co. and Apollo Real Estate Advisors, which jointly own and operate 18 shopping centers. P. O'B. Montgomery & Co., based in Dallas, Texas, is an owner, operator and developer of neighborhood and community shopping centers. Apollo Real Estate Advisors is a real estate investment firm.
The agreement between Burnham and Pacific Retail provides that Pacific Retail will assign the agreement before closing to a venture expected to include P. O'B. Montgomery, Apollo and GE Capital Corp.
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