Real estate company to buy Prime Retail Inc.

BALTIMORE (AP) -- A New Jersey-based real estate company has agreed to buy financially troubled Prime Retail Inc., an outlet mall owner, for $115 million, the companies said.
Lightstone Group would pay 18 cents a share for Prime Retail common stock, a premium of 42 percent over the average closing price in June. Lightstone also would assume $523 million of Prime's debt.
Baltimore-based Prime is the nation's second-largest owner of outlet malls, including one in Grove City, Pa. It has struggled in recent years with heavy debt and lower sales and occupancy at its malls.
Lightstone owns and manages more than 15,000 apartments and more than 8.5 million square feet of office, industrial and retail properties.