According to a published account, seller Five Prime Properties Inc. acquired the 84,917-sf center in summer 2000 for $2.2 million from Konover Property Trust of Raleigh, NC, which has since hawked its entire outlet center portfolio. The Sulphur Springs' mall is located along Interstate 30 about 65 miles northeast of Dallas. Vanity Fair is the anchor for a tenant roster including Banister, Bugle Boy and the VG Factory Outlet.
"The acquisition," says CEO Ronald J. Bauer, "further demonstrates our commitment to diversify our holdings into the undervalued retail sector." Bauer Partnership, a wholly owned subsidiary of Bauer Capital Management Ltd., primarily owns hotels and resorts in the Caribbean. The investment group is making its first venture into the US as it lines up properties that are surefire "value add" deals, a must-have quality for acquisition.
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