Prescott puts the focus on retail with launch of new company.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-based real estate merchant banking firm, The Prescott Group, LLC, has announced the formation of Ariel Preferred Retail Group, a nationally-focused retail property management company specializing in the value retail industry. Prescott recently acquired a portfolio of six outlet center properties located in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , 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 Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). , and Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. . The portfolio includes approximately 1,336,000 s/f 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. , now managed by Ariel. Ariel's management includes James S. Harris, president, and Donald. E. Chapman, executive vice president. Both were senior executives of the McArthur Glen Group, one of the pioneers of the value retail industry and a leading developer and owner of outlet center properties. A number of properties in the portfolio were originally developed by McArthur Glen. Over the next several years, Prescott intends to significantly expand its investment in the value retail sector through additional acquisitions and the expansion of existing centers. Susan L. Stupin, managing director at Prescott, said, "We are pleased to have completed the purchase of our initial portfolio of properties in the value retail sector and look forward to making Ariel Preferred Retail Group a premier operator of outlet center properties." James S. Harris, president of Ariel, added, "We believe it is a particularly favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. time to launch this major initiative in the value retail sector. In an evolving and rapidly consolidating industry, there are tremendous opportunities for a company focused on creating strong bonds with both tenants and shoppers." Prescott has had a longstanding involvement in the value retail industry. Its investment banking unit arranged groundbreaking financing for properties owned by McArthur Glen prior to its initial public offering in 1993. At that time, Prescott became experienced in value retail properties and worked closely with McArthur Glen's management team. Prescott's purchase of the portfolio and the formation of Ariel as one of Prescott's portfolio companies are a direct result of that collaboration. Ariel's properties will be rebranded as "Preferred Outlets," in reference to the centers' great variety of nationally-known tenants. |
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