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NIAGARA FALLS, NY-The 530,000-sf Outlets at Niagara Falls has changed hands for $62 million. Talisman Cos., a Coral Gables, FL-based shopping center redeveloper, acquired the property from GMAC, which reportedly took it back from Prime Outlets after a loan default.

The Outlets at Niagara Falls is located 25 minutes north of Buffalo and 90 minutes south of Toronto on US Route 62, just off of Interstate 190. The shopping center features 150 stores including upscale tenants such as Polo/Ralph Lauren, Burberry, Anne Klein, Off 5th Saks Fifth Avenue, Tommy Hilfiger, Jones New York and Coach.

Talisman chief executive James Schlesinger tells GlobeSt.com the center is 84% leased, which leaves room to bring in more higher-end retailers. “There are also leases to renew, so we will have to examine which ones are truly performing well,” he says. “Our goal is to bring in more upscale luxury brands—like the Ferragamos of the world–to compliment existing tenants like Off Fifth, Burberrys and Ann Klein.”

Sales per sf at the Niagara property are about $350 per sf, says Schlesinger. After the property is re-tenanted, he expects that figure to increase significantly, similar to what the company accomplished with Fashion Outlets of Las Vegas.

When it acquired the 360,000-sf Las Vegas property from Trizec Hahn in 2000, occupancy was 60% and sales were $280 per sf, says Schlesinger. Today, he says the property is 97% leased and sales average $560 per sf.

“We acquired [the Niagara property] for a very good price that allows for positive cash flow,” he says. “I do turnaround projects, that’s all I do, and many times you don’t start out with positive cash flow.”

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