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Prime Outlets Sold

Tammy Daniels

The largest public real estate company in the nation as purchased the Prime Outlets Acquisition Co. and some of its entities, including the Prime Outlets in Lee, for $2.35 billion.

The sale was announced Tuesday, Dec. 8, on the PRNewswire. Simon Property Group Inc. is an S&P 500 company (NYSE:  SPG) based in Indianopolis that operates regional malls, The Mills, community/lifestyle centers and international properties. It currently owns or has an interest in 385 properties comprising 262 million square feet of gross leasable area in North America, Europe and Asia, and employs 5,000 worldwide.

It has added Prime Outlets' 22 locations totaling more than 8.2 million square feet of retail space. As of June 30, 2009, Prime Outlets' centers were 92 percent occupied and generated annual sales per square foot of approximately $370. The Lee location is one of the smaller holdings at 224,519 square feet. 

More information on Simon is available at www.simon.com.

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