July 22—Another potential buyer for the old township of West Chester. Activity Center backed down after making a $2.3 million bid for the property on Cox Road, but administrators say they have another bid pending.
Administrator Mark Welch told the Journal-News that the administrators were close to reaching an agreement on Thursday, but financing for the buyer fell through, “if it all depended on someone co-signing for the loan, they probably should have done that kind of due diligence before they ever got around to it.”
“They wanted to buy it as an event center, the story I heard was that the matriarch or the patriarch didn’t want to co-sign the loan, so he died,” Welch said. “They went through it and gave decent terms and a good offer and we were going to go ahead and check it out at a special meeting and then we found out they weren’t able to get the loan.”
In April, the administrators agreed to sell the property to the same doctor who had sued them a few years ago over his rehabilitation center, but he pulled out a month later. The property went up for sale with an asking price of $2.5 million earlier this year. Dr. Mohamed Aziz offered $1.9 million, which is $100,000 more than the township would have gotten had it sold it for a new Kroger deal. The property was sold as is.
Welch told the Journal-News after the inspection that Aziz returned and wanted about $300,000 off the price due to some required upgrades such as sprinklers.
Trustee Ann Becker said “it’s a bit of a shame” as the potential buyer was local.
“There have been other offers on the building and we are exploring another offer next week,” she said. “Interest in the building is still very high, we just have to find the right buyer at the right price and what suits the community.”
The activity center came into play after Community First Solutions stopped providing senior programs in 2019. Shortly after, the township agreed to sell the building to Kroger owner Regency Centers for 1.8 million bucks.
Administrator Lee Wong said he couldn’t say much about the new buyer, but “there’s another deal on the table, it’s even a better deal.”