Prescott Group spends $110m on outlet centers.Prescott Capital Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the investment and asset management unit of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based Prescott Group, LLC, announced its acquisition of a portfolio comprising six outlet center properties totaling 1,336,000 s/f from affiliates of Horizon Group Properties, Inc. of Chicago for $110.4 million, or $82 per square foot of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. . The six value retail assets are located in California, Nevada, Missouri Nevada, Missouri, pronounced "nuh-VAY-duh," is a city in Vernon County, Missouri, United States. The population was 8,607 at the 2000 census. It is the county seat of Vernon County GR6. , Minnesota, Michigan, and Georgia. Approximately 86.5% of the portfolio's operating gross leasable area was occupied at closing. "This portfolio is an especially attractive platform from which to capitalize on opportunities for market growth and continuing ownership concentration in the value retail industry," said Susan L. Stupin, managing director of Prescott. "The portfolio offers geographic diversification, strong operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. , and excellent potential for capital appreciation over time, and should provide very attractive investment returns." Prescott has had a longstanding involvement in the value retail industry. Previously, Prescott's investment banking unit arranged groundbreaking financing for properties owned by the McArthur Glen Group prior to its initial public offering in 1993. |
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