HGPI traded at $10.05 today. 100 shares. Then 100 at $9.55 and it went back to $6.75-7.00 bid/ask. Still no recent financials.
Googled and found out they are buying another outlet center.
Gettysburg outlet mall to expand after changing owners
By BRENDAN deROODE WEST
Evening Sun Reporter
Article Launched: 03/05/2007 10:11:50 AM EST
The Philadelphia-based company that owns Gettysburg Village Outlet Stores will sell the center it designed and opened in 2000.
"This was an opportune time to sell Gettysburg Village, as managing this type of asset is no longer core to our operating strategy," said Kenneth P. Balin, president and CEO of AMC Delancey Group Inc.
The outlets house more than 70 retail stores and restaurants, and Balin said Horizon will be looking to expand that number, almost doubling the number of stores.
"In the original plan, we provided for an additional 200,000 square feet of retail space," Balin said. "We've done the planning, the leasing, and Horizon's strategy is to continue to do development.
"They will pick up right where we left off."
Balin said AMC has been working the last several years to move from an owner/operator to an equity partner.
The company to which AMC is selling the outlets, Horizon Group Properties Inc., owns about five other retail sites, in Texas, Oklahoma, Nebraska and Michigan.
Horizon representative Gina Slechta declined comment because the deal was not yet closed.
While Balin could not provide an exact date for the sale, he said he expects it to close in the next month.
According to Balin, it is his understanding Horizon plans to keep current staff at the outlets.
"The timing is perfect to pull the trigger on the (outlets') expansion," Andrew Kleeman, company vice president of asset management, said in a written statement. "Gettysburg is rapidly evolving from a day trip destination to a world-class historic vacation location."
The outlets might have caused controversy during their planning stage, but Balin said he thinks the overall sense of the stores now is pride.
"People have really embraced the center, they're very proud of it," Balin said.
The sale includes the on-site movie theater and hotel, Balin said. |
