LAKE PARK, GA-Affiliates of New York-based Prescott Capital Management LLC and Atlanta-based Arcapita Inc. have acquired the 244,748-sf Lake Park Outlets open-air mall for $10.5 million, or $43 per sf. The property was acquired in an off-market transaction from Lake Park Partners LLC.

"We like this asset and the market. It has some potential for expansion," Prescott managing director Susan Stupin tells GlobeSt.com. "It enables our company to deepen our holdings in the southeast region.

The property is located on 22 acres at the southeast quadrant of State Route 376 and Interstate 75, the primary north-south artery that connects Florida to Georgia. Its location allows the center to capture tourist traffic that flows into the Orlando area and regions of Florida. In addition, as part of the Valdosta area, Lake Park is in the heart of the business and retail hub for southern Georgia and northern Florida.

Lake Park Outlets is currently 83% occupies with major tenants including Polo, Liz Claiborne, the Gap, Reebok International, West Point Stevens and Beall's Outlet Store. "We an opportunity to build on the tenant base and further enhance the tenant mix of the property," Stupin says.

The property will be managed by Ariel Preferred Retail Group, Prescott's retail property management subsidiary. "The transaction presents an opportunity for Prescott to follow up on its acquisition of Preferred Outlets in Darien [GA] to create a regional value retail portfolio," says Ariel Preferred Retail Group president James Harris.