SILVERTHORNE - 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.

"We're not buying the property to leave it like it is. ... We believe (TGS' renovation plan) is the right direction, whether we'll complete it like that, we may or may not," Craig said.

Other plans for the Outlets could be an adjustment to the tenant mix where necessary, Craig said.

"I'm quite confident there will be some changes in some of the stores," Craig said, explaining that a change in the business model and the rise of discount stores such as Wal-Mart have made it tough for previously popular stores to continue thriving.

"Today the business is really more about clothing and fashion as opposed to hard goods," he said.

Craig will maintain the presence of an on-site manager to work with individual stores.

Crystal Heroux, 10-year manager of Eddie Bauer, heard about the purchase through word of mouth at the mall and is excited about the changes.

"We're just pleased they're coming on board. I've heard good things about Craig Realty Group. I'm assuming (the sale) is going to unite all three outlet centers in the state. When we were united before, it really helped our business," Heroux said, referring to when TGS owned the shopping centers in Silverthorne, Castle Rock and Loveland and marketed them together.

Heroux is also looking forward to the remodel of the Buffalo Village, where Eddie Bauer is located.

Once the deal has closed, Craig Realty Group will become the sole owner of the Outlets.

"We have no plans to sell the company, no plans to sell the property. We bought them because we wanted them. We're appreciative to have that opportunity," Craig said.

Craig Realty Group is a privately-owned company with upscale outlet malls in Colorado, Southern California, Oregon, Texas, Arizona, Mississippi and Italy.

The Outlets contribute about 31 percent of the town of Silverthorne's sales tax collections.

Nicole Formosa can be reached at (970) 668-3998 ext.13625, or at nformosa@summitdaily.com