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ELLENTON -- Prime Retail Inc. is spreading its area reach by another 25 acres and 136,000 square feet at Prime Outlets.

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The company, based in Baltimore, has an option agreement to buy adjacent acreage for a $48 million expansion of the pastel-colored mall on Interstate 75 in Ellenton. A closing is scheduled in January, said Giancarlo Filartiga, VP of development at Prime Retail.

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The development will be the fourth expansion at Prime Outlets.

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Given the faltering economy and consumers who are limiting spending, such land acquisition and expansion seems unusual.

Ellenton's Prime Outlets, however, remains a moneymaking property.

"It is one of our better properties," Filartiga said. "It is in our top five. It's a place where tenants want to be. If we could, we would do more than 136,000 square feet. People love a bargain so we do well in economic slowdowns."

Tampa Bay Real Estate Featured Property JANE MEINHARDT Prime Outlets at Ellenton currently has no vacancy, but space for 30 more stores is planned.

Access to the center was temporarily limited by an accident that damaged a nearby Interstate 75 overpass.

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The privately held company has developed 8 million square feet in 21 outlet centers across the country. Sales per square foot for 2007 were $363.

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"The Ellenton center is one of their hot ones," said Linda Humphers, editor of the International Council of Shopping Centers' Valu Retail News.

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Upscale shoppers seek deals, too

Prime Retail, like several other outlet center developers, has focused on attracting a more

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upscale, higher-end tenant mix that appeals to shoppers, she said.

Neiman Marcus Last Call is slated to be the anchor of Prime Outlets at Ellenton's expansion, which will have space for about 30 stores.

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Prime Outlets' success in the past, current and near future economic environment is not unusual in the outlet center world.

"Outlets are counter-cyclical," Humphers said. "When people cut back, it is not on quality and brands. It's what they spend on quality and brands."

An upscale merchandise mix and a focus on what customers want have been key to Ellenton Prime Outlets' success, said Bill Mann, the center's manager. He has overseen the previous three expansions.

"Every time we expand, we get a stronger reach further out from our center," Mann said.

Prime Outlets has roughly 130 stores. Currently, there is no vacancy, he said.

The center's reach and access is dependent on I-75 and its intersection with U.S. Highway 301.

When a tanker truck hauling 8,000 gallons of fuel careened off the I-75 overpass at 301 and burst into flames, shoppers' -- and store employees' -- access to the outlet center was limited for several days.

I-75 was closed in both directions for four days. U.S. 301 also was closed, but several lanes reopened soon after the accident.

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The center had not completed an assessment of how much business was lost during the traffic detours, Mann said.

Widening its reach

Nearly 60 percent of the center's customers are area residents, while tourists account for the remainder, according to Susan Ozgun, marketing director for the mall.

Many come from Tampa and St. Petersburg and even further north and south.

"Customers can just as easily come down or up I-75 as shop at a place where they live," she said.

As part of the planned expansion, Prime Retail has included some proposed improvements of nearby roads and intersections, which is part of the development review under way by Manatee County.

Filartiga said the developer plans to widen the exit ramp from northbound I-75 to U.S. 301 and widen 60th Avenue East leading to the center's entrance to seven lanes.

Also included are additional turn lanes at U.S. 301 and 60th Avenue East.

Another entrance to the center would be added on the east side.

Filartiga said the outlet center's customer base is really not "traffic generated."

"Our typical customer is a 40-year-old woman who tends to come during times other than rush hour," he said.

Other malls -- new ones -- are planned in the area in conjunction with interstate access, said Christopher Leonard, of Colliers Arnold Commercial Real Estate Services, who specializes in property in Manatee and Sarasota counties.

"There is a significant amount of retail development going on in that marketplace," he said. "I've seen leasing activity start to slow down, but there are still deals being done."

The concept of interstate malls has been successful through the country, and the I-75 corridor appeals to developers and does well with retail, he said.

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The detrimental issue that may materialize depends on the price of gas and how willing shoppers are to hit the road, Leonard said.

"The number of travelers who have disposable income to shop could very well diminish because of the cost of gas," Leonard said. "Even if that happens, now is a good time to buy property that adds value to your property." jmeinhardt@bizjournals.com | 727.224.2299 Share

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