Plaza sale postponed until month’s end

Jennifer Kho

COSTA MESA -- The planned sale of the Pacific Federal Savings Plaza

has been postponed until the end of the month.

After almost a decade of sitting empty at the corner of Newport

Boulevard and 19th Street, Pasadena-based Hudson Properties LLC announced

its plans to buy the Spanish-style building last month.

The property owner, Los Angeles businessman Nickolas Shammas, and

Hudson Properties, the potential buyer, were scheduled to close the deal

on the long-vacant property Wednesday.

Neither Shammas nor Hudson Properties manager Terry Tornek were

available to discuss the reason for the delay by press time.

Both have said earlier they would not discuss the sale -- including

the price or potential tenants for the four-story office building --

until after escrow closes.

The last interested buyer -- the city of Costa Mesa -- was haggling

with Shammas over a $30-million price tag when talks ended in May.

The new scheduled date for escrow to close is “on or by” March 30,

said a spokeswoman for Shammas.