Brokerage auction put off until Jan. 8

December 18, 1990|By Liz Atwood | Liz Atwood,Evening Sun Staff

An auction of the bankrupt Brokerage that was scheduled for this morning has been postponed until after the first of the year.

Jim Hodges, building manager for the entertainment complex at 34 Market Place, said the auction has been moved to Jan. 8 for "administrative reasons."

Greg Pinkard, vice president of property management for W.C. Pinkard & Co., a commercial real estate firm, said meetings were scheduled today between the principal parties involved in the Brokerage to work out details of the postponement. He declined PTC to give the reason for the changed date until he met with the owners.

But a source close to the proceedings said the former owners wanted to postpone the auction until after the first of the year for tax reasons. Sovereign Realty 1983-XVIII Ltd. partnership, a group of Philadelphia investors, asked its lender, Bank of America, for the extension in order to give the partners more time to pay the taxes that will result from the sale, the source said.

The 165,000-square-foot Brokerage has been struggling for years. It initially was supposed to be a retail shopping mall, but those plans failed after a series of construction delays and other problems discouraged prospective tenants.

After a change in management, the owners then tried to turn the project into an entertainment complex. While some of the businesses in the Brokerage draw large crowds on weekends, it has not attracted a significant daytime following.

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