Prime Retail, a Baltimore-based real estate investment trust, is selling its retail outlet center in Barceloneta, Puerto Rico, for approximately $36.5 million.The approximately 176,000-square-foot property has a nonrecourse mortgage with an outstanding principal balance of about $19.37 million as of Sept. 30, the retail REIT said. After repayment of existing mortgage debt and closing costs, the sale is expected to generate net proceeds sufficient to satisfy the December 2002 principal repayment requirements under the REIT's mezzanine loan, which had an outstanding principal balance of $31.1 million as of Nov. 1. The REIT will continue to manage the property on behalf of the buyer, for a fee.
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