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Shareholders vote to sell Prime Retail company

November 20, 2003|by JULIE E. GREENE

Prime Retail Inc., which owns 30 percent of Prime Outlets at Hagerstown, took a big step Tuesday toward selling the company.

Prime Retail shareholders voted Tuesday to approve selling the company to Prime Outlets Acquisition Company, an affiliate of The Lightstone Group, according to a Prime Retail news release. Lightstone is a New Jersey-based real estate company.

The sale is expected to close within 30 days, the release states. The deal is subject to certain closing conditions.

A partnership of Prime Retail and Estein & Associates USA Ltd. owns the remaining 70 percent of the outlet center south of Hagerstown.

Prime Retail spokesman Steven Sless said there were no announcements concerning the local outlet center.

"It's a great center for us," Sless said Wednesday.

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