Brokerage buyers get 3-month extension

January 01, 1992|By Edward Gunts

The prospective buyers of The Brokerage at the Inner Harbor, a large office and retail complex at 34 Market Place, have requested and received a three-month extension of time to complete their acquisition.

MP Investments Inc., a wholly-owned subsidiary of Boulton Hourigan Group Inc. of New York, entered into an agreement to purchase The Brokerage in September and had until sometime in January to decide whether to go through with the transaction.

B. A. Properties I Inc., a subsidiary of the Bank of America, is the seller of the 278,000-square-foot property, which includes a two-level mall of shops and nightclubs; a 276-car garage; two floors of office space; a two-story building in the middle of Market Place; and an office annex on Frederick Street.

B. A. Properties bid $8 million in a foreclosure auction to acquire the complex last January. Court documents revealed that the bank was owed $53 million by the previous owner, Sovereign Realty 1983-XVIII Limited Partnership of Philadelphia.

Sovereign filed for bankruptcy court protection more than two years ago.

The sale to the Boulton Hourigan subsidiary has taken longer than expected to wrap up, and the buyers needed to extend the time to close the sale for purely mechanical reasons, according to W. Kyle Gore of the real estate finance group of Legg Mason Wood Walker Inc., one of the group's local representatives.

Mr. Gore said the group remains very interested in The Brokerage, which would be its first acquisition in the Baltimore area. The sale is now expected to take place by sometime in April.

The Boulton Hourigan Group is involved in investment and investment advisory activities nationwide.

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