Silverthorne Factory Stores LLC is the buyer of the retail center, located off just off Interstate 70, the highway leading to most of Colorado's ski resorts. Summit County is home to Copper Mountain, Keystone, Arapahoe Basin, and Breckenridge. The outlet center also is a favorite stopping place for visitors to Vail and Beaver Creek.
The sale has provided about $9 million in net proceeds to Prime Retail. "The sale of Prime Outlets at Silverthorne is a strategic sales that is consistent with our previously announced plan to sell assets when it makes sound financial sense for the company," says Prime Retail chairman and CEO Glenn D. Reschke. "The net proceeds of the sale will be used to pay down a portion of the $90-million mezzanine loan that was closed in late December."
Prime Retail is a REIT that owns, leases markets and manages outlet centers throughout the US and Puerto Rico. Its portfolio consists of 46 outlet centers with 13.3 million sf of space in 25 states and Puerto Rico.
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