Jaclyn announces agreement for sale of office & warehouse facility
22 Jun '07
1 min read
Jaclyn Inc announced that it has entered into an agreement for the sale of the Company's former executive office and warehouse facility, as well as two adjacent lots, located in West New York, New Jersey.
As previously announced, Jaclyn recently moved its executive offices from West New York to new leased premises located in Maywood, New Jersey.
The proposed purchase price is $8,000,000, the substantial portion of which is payable at closing. The closing of the sale is scheduled for October 15, 2007, although the proposed purchaser has the right to extend the closing date for two separate 4-month periods, in each case upon payment of an extension fee.
The proposed purchaser also has the right, for a 60-day period after the agreement date, to terminate the agreement under certain circumstances based on its environmental due diligence of the properties to be sold.
The closing is contingent on the proposed purchaser's receipt of governmental approvals required for the construction of residential, multi-family housing consisting of 150 residential units, as well as a number of other contingencies and conditions, including the receipt of acquisition and construction loan commitments.
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