Prime Retail To Keep Outlet Mall

Prime Retail of Baltimore has amended its merger plans with Michigan-based Horizon Group Inc. and now plans to retain ownership of the Post Falls Factory Outlets.

The outlet stores in Post Falls had been slated for transfer to Horizon as part of a $906 million merger agreement.

The Post Falls Factory Outlets will be one of 26 properties retained by Prime Retail, which also acquires 22 Horizon outlet malls in the merger.

In November, William Carpenter, Prime Retail president and chief operating officer, said the company planned to concentrate on its larger holdings, which average about 325,000 square feet. The Post Falls property, at less than 200,000 square feet, was more suited to Horizon’s approach to managing “traditional centers,” Carpenter said at the time.

On review, retaining the Post Falls outlets “fit better into our long-term strategy,” said Abraham Rosenthal, chief executive officer for Prime. , DataTimes