Houston Regional Mall Scheduled for Sale At Auction
3 Oct, 2008, Dallas, TX
C&W Representing Chapter 11 Trustee
Cushman & Wakefield of Texas, Inc., on behalf of Joseph J. Luzinski, Chapter 11 Trustee, announces the sale of West Oaks Mallin Houston, Texas. West Oaks Mall's owner filed for bankruptcy reorganization in October 2007, and Mr. Luzinski was appointed Chapter 11 Trustee shortly thereafter.
The property is being offered to qualified bidders under the terms of a reorganization plan confirmed by the federal bankruptcy court in Richmond, Virginia. Tom Salanty, Executive Director in the Capital Markets Group of Cushman & Wakefield of Texas, Inc., is exclusive agent of the Chapter 11 Trustee in the sale. The Chapter 11 Trustee's financial advisor is Development Specialists, Inc.
West Oaks Mall is a single-level enclosed regional mall encompassing 1,082,872 square feet of gross leasable area. The mall is anchored by Sears, Macy's and Dillards. Per the court approved "Bidding Procedures," Cushman & Wakefield will solicit contracts from prospective bidders, after which the Chapter 11 Trustee will identify "Qualified Bidders" and select one of them as a "Stalking Horse." Prospective bidders are required to execute a confidentiality agreement, submit a written purchase contract by Friday, October 10, 2008, make a Good Faith Deposit of $250,000, and commit to close the transaction by December 15, 2008 in accordance with the published Bidding Procedures.
If more than one Qualified Bid is received, the Chapter 11 Trustee may elect to conduct an auction on October 27, 2008, in Dallas TX. If an auction is held, only Qualified Bidders may participate and the contract offered by the Stalking Horse shall be the opening bid..
The Chapter 11 Trustee has the authority to contract for a "break-up fee," payable to the Stalking Horse if another bidder is successful at the auction.
The foregoing is a summary of some of the Bidding Procedures and is subject in its entirety to their terms. For details, potential Qualified Bidders are referred to the confirmed Amended Plan of Reorganization, which may be obtained from Cushman & Wakefield of Texas (firstname.lastname@example.org), Development Specialists, Inc. (email@example.com),or Willcox & Savage, P.C., attorneys for the Chapter 11 Trustee.
For further information, please contact: