No word on which outlet center will be sold — Monroe or Jeffersonville

The Federal Trade Commission approved a final order that Simon Property Group must sell either Cincinnati Premium Outlets in Monroe or Prime Outlets-Jeffersonville, but the company hasn’t disclosed which property it will be.

The FTC announced in November that Simon Property Group Inc. agreed to sell one of the outlet centers after reaching a tentative settlement with the FTC, which ruled that its purchase of Prime Outlets Acquisition Company LLC was anticompetitive.

Simon Property Group last August closed the deal to purchase 21 outlet center properties for about $2.3 billion, including the Jeffersonville outlets.

“We fully intend to comply with the consent agreement but have no update to report at this time,” said Michele Rothstein, a Premium Outlets spokeswoman Monday.

Simon Property Group, based in Indianapolis, has until July 21 to sell one of the properties, said Joe Lipinsky, staff attorney for the FTC. Simon doesn’t have to tell the FTC which property it plans to sell, just when it has a buyer, he said.

“We haven’t heard news either way.,” said Kevin Chesar, Monroe director of development.

Nor has Chesar’s counterparts in Fayette County, where Prime Outlets-Jeffersonville is located.

Rob Hedrick, Fayette County director of economic development, said the outlet center is a large employer and is near full occupancy.

“I (would) hate to see it sold again when it was just bought,” Hedrick said. “The fact of selling it doesn’t concern me because it’s been bought and sold a few times and it remains healthy.”

Part of the consent order also requested the mall operator drop radius restrictions on property tenants in Chicago and Orlando, according to the FTC.

Contact this reporter at (513) 705-2551 or clevingston@coxohio.com.

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