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Outlet Center

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BUSINESS
August 7, 1998
Maryland's newest factory outlet center, Prime Outlets at Hagerstown, opens today at Interstate 70 and Route 65.The village-style, 218,000-square-foot center includes 60 designer and specialty outlet stores, among them DKNY, Brooks Brothers Factory Store, Gap Outlet, J. Crew Factory Store, Nike Factory Store, Reebok Factory Direct Store and Tommy Hilfiger Company Store.The center also has an enclosed food court, a playground and a customer-service center, all designed around landscaped walkways and courtyards.
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NEWS
by Carson Porter | August 30, 2011
I love how cheap gaming systems are getting! I'm tempted to buy another one just because. Best Buy's online outlet center has refurbished 250 GB PS3's for just $179.99. It's their deal of the day so buy soon if you want to get one while they're in stock-
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BUSINESS
January 13, 1999
J. C. Penney Co. plans to convert its department store in Security Square Mall into an even larger outlet center, making it the fifth Penney's in the nation to undergo such a transformation.The department store will close Feb. 1, then reopen about six weeks later as J. C. Penney Outlet Center, said Deirdre Moore, the mall's general manager.At 150,000 square feet, and on two levels instead of the current single level, the outlet center will be double the department store's size and employ another 120 workers.
BUSINESS
By Edward Gunts, The Baltimore Sun | January 24, 2011
The Cordish Cos. of Baltimore announced plans Monday to build an outlet center and entertainment district in La Vista, Neb., a suburb of Omaha. The retail center, called The Outlets at Southport West, will be similar to Cordish's The Walk development in Atlantic City, N.J., and will include numerous brand-name retailers. The entertainment district, called Live! at Southport West, will include a mix of national and regional restaurants and entertainment venues surrounding a plaza for programmed events, including concerts and art festivals.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | February 2, 1999
Prime Retail Inc. said yesterday that its fourth-quarter operational earnings nearly doubled to $29 million, an increase the real estate investment trust attributed largely to its merger with a Michigan company.The increase in the outlet center mall owner's funds from operations -- to 40 cents per share in the quarter that ended Dec. 31, 29 percent higher than the fourth quarter of 1997 -- stemmed from a $1 billion deal in June with Horizon Group Inc., which added 22 projects to Prime Retail's portfolio.
NEWS
By Dail Willis and Dail Willis,SUN STAFF | November 7, 1996
QUEENSTOWN -- A proposal to double the size of Chesapeake Village Outlet Center, spreading it to both sides of U.S. 50 at Queenstown, has raised troubling questions about traffic on the main route to Ocean City, and the wisdom of further commercial development in a congested and heavily traveled area. The outlet center expansion has become a lightning-rod issue, provoking a wider discussion of future land use and how to keep the area from sprawling into a strip-mall eyesore.Opponents of the plan, which has not been formally presented to the town commission, say they are concerned about increased traffic at an already treacherous stretch of highway, the wisdom of commercial development at the headwaters of the Wye River and whether such development will ultimately benefit Queenstown and the surrounding area.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | November 28, 2002
Struggling Prime Retail Inc., one of the nation's largest factory outlet shopping center owners, said yesterday that it has agreed to sell two centers in Colorado for $96 million to an undisclosed buyer. The Baltimore-based company, which has sold several centers over the past year to trim its huge debt, said it will use proceeds from the sale of the two Colorado properties to make payments on a mortgage loan with a $338.9 million balance and a shorter-term, high-interest "mezzanine" loan with a $31.1 million balance.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | August 15, 2002
Faced with increased vacancies and fewer properties in its portfolio, Prime Retail Inc. reported yesterday that its funds from operations plummeted 68 percent in the second quarter, and that it was in technical default on one of its loans. Fighting to stave off bankruptcy, the Baltimore-based outlet center owner said funds from operations - a key measure of a real estate investment trust's performance - slid to $2.26 million in the quarter that ended June 30, from $7.1 million from the year-earlier period.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | May 17, 2002
Prime Retail Inc., the cash-strapped outlet center owner, believes it will default on some loans in the second quarter as it seeks new financing and plans to sell more properties to stay afloat. The Baltimore-based company continues to negotiate with lenders, according to a statement released with first-quarter results. If that doesn't work, Prime, which has $866 million in debt, will seek financing from financial institutions, sell debt-related properties or explore capital transactions such as refinancings to generate cash to repay the debt, the company said.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | June 25, 1998
Shoppers at Maryland's newest factory outlet center, opening this August in Hagerstown, will find dozens of familiar, nationally known brands, among them Gap, Polo Ralph Lauren, Jones New York, Tommy Hilfiger, J. Crew and Nike.The developer, Baltimore-based Prime Retail Inc., plans to announce leases with about 45 merchants today during a preview tour of the village-style Prime Outlets at Hagerstown, which is under construction. The center, at the northwest corner of Interstate 70 and Route 65 in Washington County, will open Aug. 7.The 218,000-square-foot first phase will house about 60 stores, an enclosed food court, a playground and a customer-service center, all designed around landscaped pedestrian walkways and courtyards.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,SUN STAFF | April 12, 2005
Bob Brvenik was in Detroit for business a year ago when he approached a group of women and asked if they shopped at the nearby outlet mall. "I haven't been there in a while," replied one woman, unaware that she was talking to the president of Prime Retail Inc., the owner of 29 outlet shopping centers, including the one in question. "It hasn't changed much in five years. When was the last time they painted it?" The conversation confirmed what Brvenik and his team of executives knew - that years of financial problems under previous owners had taken their toll on many of Prime Retail's shopping centers.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | March 30, 2005
Michael McMenamin remembers when downtown Atlantic City had nothing to lure visitors off the Boardwalk and away from the casinos, just blighted stretches of abandoned warehouses, a glass company, a junkyard, bus parking lots, a couple of bars. "That area was off the beaten track for a long time," said McMenamin, a police lieutenant and native of the New Jersey city. When he retires from the force this spring after 25 years, McMenamin will try his hand at retail, opening a pretzel shop with his wife, Monica, on those once forlorn vacant blocks.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | November 28, 2002
Struggling Prime Retail Inc., one of the nation's largest factory outlet shopping center owners, said yesterday that it has agreed to sell two centers in Colorado for $96 million to an undisclosed buyer. The Baltimore-based company, which has sold several centers over the past year to trim its huge debt, said it will use proceeds from the sale of the two Colorado properties to make payments on a mortgage loan with a $338.9 million balance and a shorter-term, high-interest "mezzanine" loan with a $31.1 million balance.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | October 9, 2002
Shares of struggling Prime Retail Inc. more than doubled yesterday after a New York-based investment company said it had offered to buy the outlet mall owner for $66.2 million. Baltimore-based Prime turned down the offer from Fortress Investment Group LLC, which in June proposed paying 20 cents a share for Prime's common shares, a premium of nearly 70 percent at the time. Yesterday, shares of Prime, which traded for as much as $16 in 1997, closed at 9 cents, up 125 percent from 4 cents a share.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | August 15, 2002
Faced with increased vacancies and fewer properties in its portfolio, Prime Retail Inc. reported yesterday that its funds from operations plummeted 68 percent in the second quarter, and that it was in technical default on one of its loans. Fighting to stave off bankruptcy, the Baltimore-based outlet center owner said funds from operations - a key measure of a real estate investment trust's performance - slid to $2.26 million in the quarter that ended June 30, from $7.1 million from the year-earlier period.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | July 6, 2002
Lenders have given debt-laden Prime Retail Inc. at least an extra six weeks to make a required principal payment - originally due July 1 - on a high-interest loan. The troubled Baltimore-based outlet shopping center owner has until Aug. 15 to make a $15.5 million payment to Fortress Investment Fund LLC and Greenwich Capital Financial Products Inc. If Prime meets certain undisclosed conditions, the payment deadline could be extended to Oct. 31, Prime said. Prime received the $90 million loan in December 2000 after defaulting on several loans.
BUSINESS
By Meredith Cohn and Meredith Cohn,SUN STAFF | November 16, 2001
Outlet center owner Prime Retail Inc. said yesterday that the future of the company is uncertain unless the company can solve its severe cash shortage. Robert A. Brvenik, the real estate investment trust's chief financial officer, said Prime Retail did not have enough money to pay its debt, and repeated a line from the company's third-quarter earnings report that said if cash cannot be raised then "there would be substantial risk as to whether the company would be able to continue during 2002 as a going concern."
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | June 22, 2000
Loans of up to $110 million are expected to lead Prime Retail Inc. out of a financial crisis and remove the threat of bankruptcy, the company said yesterday. The troubled outlet center owner announced a financing agreement with Lehman Bros. Inc. just before the company's annual meeting in Baltimore. "We can learn from our mistakes and go on," Glenn D. Reschke, president and acting chief executive officer, told a packed audience of shareholders. "There is a way out of this crisis." The Lehman Bros.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | May 17, 2002
Prime Retail Inc., the cash-strapped outlet center owner, believes it will default on some loans in the second quarter as it seeks new financing and plans to sell more properties to stay afloat. The Baltimore-based company continues to negotiate with lenders, according to a statement released with first-quarter results. If that doesn't work, Prime, which has $866 million in debt, will seek financing from financial institutions, sell debt-related properties or explore capital transactions such as refinancings to generate cash to repay the debt, the company said.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | April 3, 2002
Prime Retail Inc., the nation's second-largest outlet center owner, said yesterday that it sold a 70-store outlet center in Indiana for $27 million, part of a previously announced plan this year to pare down its massive debt through asset sales. Prime sold the 305,000- square-foot Edinburgh center, about 40 miles outside Indianapolis, to the nation's No. 1 outlet center owner, Chelsea Property Group Inc. The sale was completed Monday. The Baltimore real estate investment trust received net cash proceeds for its sale of Prime Outlets at Edinburgh of $25.9 million, according to a company statement.
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