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GMAC gets Prime Outlets

A foreclosure auction of the Prime Outlets at Niagara Falls on Wednesday has put the outlet mall in the hands of its major lender, clearing the way for the expected sale of the property, the court-appointed receiver said.

GMAC bid $62.5 million, the sole bid for the 530,000 square-foot outlet mall, said Dennis Penman, executive vice president of M.J. Peterson Real Estate. GMAC services the mortgage held by Wells Fargo Bank, he said.

"There were five other potential bidders," but GMAC's was the only bid. However, he said he expects interest from at least three potential buyers to surface now that title to the property has been cleared.

Prime Outlets of Baltimore, the mall's former owner, sought bankruptcy protection last year.

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