Boulder Realtor partners to buy Silverthorne Outlet Stores complex

SILVERTHORNE — Boulder real estate broker Sam H. Brown and a Canadian company have purchased the Silverthorne Factory Outlet Stores complex.

Brown, who also owns the Dillon Factory Stores, declined to specify the selling price, citing a confidentiality agreement with seller Prime Retail, but he said the Silverthorne complex was worth more than $25 million. Brown partnered with Calgary, Alberta-based TGS Properties Ltd., which has interests in Denver, Seattle and Portland.

Brown owns Brown and Associates Ltd., a realty and property management firm in Boulder and Dillon. Prime Retail owns properties in Colorado, including the Castle Rock Factory Shops.

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Prime Retail (NYSE: PRT), a real estate investment trust based in Baltimore, Md., has been having financial difficulties, making it necessary to sell some of its 50 outlet centers, including the Silverthorne property, Brown said. Prime Retail sold four of its centers in December and refinanced a portion of its debt, according to filings with the Securities and Exchange Commission.

“These transactions should stabilize the company’s financial condition, eliminate the threat of bankruptcy, and strengthen the company’s balance sheet by reducing our overall level of debt and extending certain loan maturities,´ said Glenn D. Reschke, Prime Retail chief executive officer, in a December statement.

Silverthorne Factory Outlet Stores consists of 257,400 square feet of retail space split amongst 75 tenants, including Eddie Bauer, The Gap, Tommy Hilfiger and Nike. Brown plans to replace some tenants, draw some new ones and begin a cross-promotion with his Dillon outlets.

Contact Alisha Jeter Rhines at research@bcbr.com or (303) 440-4950.