GlobeSt.com UPDATE: Prime Retail Sells Three for $133M

BALTIMORE, MD-Outlet center REIT Prime Retail Inc. has revealed the recent completion of two deals involving three properties in transactions totaling $132.5 million. Proceeds from the disposition of the outlets–known as the Colorado Properties and the Puerto Rico Property, which together account for nearly 1 million sf of leasable space, will be used to pay down debts.

TGS Realty forked over $96 million in cash for the Colorado Properties. Both centers are located just outside of Denver, and consist of the decade-old, 478,000-sf Prime Outlets at Castle Rock, and the eight-year-old, 328,360-sf Prime Outlets at Loveland. Prime Retail steered $74.8 million from the deal toward the reduction of the balance on its non-recourse mortgage loan known as the Mega Deal Loan. Net proceeds from the disposition are expected to be in the neighborhood of $12.4 million.