Prime Retail Sells Interest in Six Centers for $118.7M

BALTIMORE, MD-In a $118.7-million deal, self-administered real estate investment trust Prime Retail Inc. has revealed its recent disposition of majority interests in the Bridge Properties–a group of six factory outlets in suburban cities of California, Georgia, Massachusetts, New York, Ohio, and South Carolina. The properties will go to PFP Venture LLC, a joint venture involving PWG Prime Holdings and FP Investment.

Each of the Bridge Properties carries the Prime Retail name plus the name of the city in which it is located. The six-property parcel consists of a 190,000-sf center in Anderson, CA; a 255,000-sf property in Calhoun, GA; a 225,000-sf facility in Lee, MA; Latham, NY’s 43,000-sf center, the Lodi; OH-based 315,000-sf plant; and the 303,000-sf building in Gaffney, SC. The deal allowed Prime Retail to repay the $111 million of recourse mortgage debt on the properties.