West Coast agreed in early May of this year to buy the propertyfor a gross purchase price of $21.5 million. Completion of thesale, however, awaits lender General Electric Capital Corp.'sapproval of West Coast's assumption of first-mortgage debt ofapproximately $16.8 million, held on the property by GECC.

The deadline for approval, which was to expire this week, hasbeen extended to August 25, and the sale closing is extended toSeptember 17. Meanwhile, West Coast increased its earnest money inthe 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 builtin 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 TotalFitness.

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