Tremont Property Group (610-356-5000) was recently formed with the purpose of acquiring and developing properties in major markets throughout the Eastern U.S. The company seeks out under-performing properties in need of experienced management or redevelopment. The professionals that formed the company include Peter M. Carlino, chairman and CEO of Penn National Gaming, Inc. and chairman of Carlino Development Group; Brian J. Murphy, formerly a senior vice president of Smith Mack ONCOR International; and Stephen J. Najarian, president of Carlino Development Group.

The Lightstone Group (732-367-0129) acquired the financially-troubled Prime Retail, Inc., an outlet mall owner, for $15 million. Lightstone would assume $523 million of debt. Prime Retail is the nation’s second largest owner of outlet malls, including centers in Hagerstown, Queenstown and Perryville, MD. Prime Retail will become an affiliate of The Lightsone Group. Lightstone owns and manages more than 15,000 apartments and more than 8.5 million sq.ft. of office, industrial and retail properties throughout 16 states and Puerto Rico.