Silverthorne Outlet Stores Sold - Again

In what the purchaser called a difficult and complicated procedure, the Outlets at Silverthorne will be sold again, less than one month after local Sam Brown agreed to purchase the shopping center from its majority owner.

Newport Beach, Calif.-based Craig Realty Group has entered into an agreement with Brown to purchase the three-village outlet mall, company president Steve Craig said Monday afternoon.

Brown entered into an agreement with TGS North American REIT (TGS) in late September to purchase TGS' 60 percent share of the stores. Brown already owned 40 percent of the shopping mall.

Craig said the deal is set to close on or before Dec. 1. He could not disclose a purchase price.

"We think we worked out something that everyone will be a winner, everyone could walk away saying they would be fine," Craig said of the pending deal.

Craig Realty Group purchased the Outlets at Castle Rock and the Outlets at Loveland from TGS in August and had expressed interest in purchasing the Silverthorne stores at that time. Craig's vision for the Outlets includes finishing the $13 million renovations started last year by TGS. Work on the new Trout Village was completed over the summer and is now 100 percent occupied. The Buffalo and Ptarmigan villages are set to undergo exterior renovations next spring.