Business Specialties Development
Prime Retail Announces 450,000SF Project North of Atlanta
May 19, 2008
By: Denise L. Meyer, Contributing Correpondent

Prime Retail has announced the development of a 450,000-square-foot outlet shopping center in metropolitan Atlanta, set to open in 2010.

Prime Outlets-Holly Springs will be located approximately 30 miles north of Atlanta in Cherokee County on Interstate 575. An estimated $120 million project, it will house some 120 stores. The project is expected to bring about 2,000 jobs to the area.

"The Atlanta market ranked off the charts when measured against the criteria we use to determine the potential success of an outlet project," explained Robert Brvenik, president of Prime Retail. According to the U.S. Census Bureau, the Metro Atlanta region led the nation in population growth between 2000 and 2006, with more than 150,000 people moving to the region each year.

Prime Retail's other new development projects include the 485,000-square-foot Prime Outlets-Grand Prairie, in the Dallas-Fort Worth region, and Prime Outlets-Livermore, a 485,000-square-foot project in the San Francisco Bay area.

The company’s portfolio includes more than 8 million square feet throughout major United States markets and Puerto Rico. Prime owns and operates 21 Prime Outlets in markets including Orlando; San Marcos, Texas; Williamsburg, Va.; and Grove City, Pa. And the firm is looking to expand, with nearly 2 million additional square feet planned over the next several years.

In other Prime Retail news, Saks Fifth Avenue OFF 5TH signed on to open a 28,000-square-foot anchor store at the Grand Prairie, Texas, mall. That $100 million development project serving the Dallas/Forth Worth market is expected to open by the 2009 holiday season.

 
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$8.9B Penn Gaming Merger Crumbles
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Colonial Properties Trust Sells 5 Apartment Communities for $82M
July 03, 2008
By Gail Kalinoski, Contributing Editor Colonial Properties Trust, a multi-family-focused REIT, is continuing its plan to dispose of older assets by selling five apartment communities in two transactions for a total of $81.8 million. The buyer or buyers were not...

H&R Sells 11 in Canada
July 03, 2008
By Thomas Peretti, Contributing Correspondent -- H&R Real Estate Investment Trust has announced the completion of the sale of eleven retail properties. The firm netted approximately $72 million from the transaction. The company expects approximately a $9 million return on...

LA Developer Partners with Vegas Officials for Museum, Hotel Redevelopment
July 03, 2008
By Tonie Auer, Southwest Correspondent -- Less than a year after entering the Las Vegas market with the acquisition of the Lady Luck Hotel and Casino, Los Angeles-based CIM Group won a deal with the city to develop land adjacent...

Lightstone Acquires Interests in 20 Outlet Centers in $456M Deal
July 02, 2008
By Barbra Murray, Contributing Editor Lightstone Value Plus REIT will soon have a stake in 20 factory outlet centers, now that it has signed on purchase from 22.54 to 25 percent interests in the properties from affiliates of Arbor Mortgage...

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