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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.

The group of six assets represented about 10% of the company’s portfolio, or 1.3 million sf. Prime Retail first revealed its intentions to sell the outlets, either as a package or individually, about a year ago. The transaction, however, does not provide for the REIT’s relinquishing of all involvement with the six centers. The aforementioned FP Investment consists of a joint venture involving FRIT PRT Bridge Acquisition and Prime Retail, an arrangement that leaves Prime Retail with a 20% indirect ownership in the group of properties. And for the next five years, the company will continue to handle the management, marketing and leasing for the outlets. “The sale of 80% of the centers to a joint venture is consistent with other asset sales we’ve done in the past,” Prime Retail spokesman Steven A. Sless explains to GlobeSt.com. “It is consistent with other sales where we’ve retained equity, as well as management and marketing responsibilities.” The practice is one that Prime Retail might very well repeat in the future. “If we consider any other asset sales, certainly, the joint venture structure is an option.”

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