Lisa Scheid | Reading Eagle

VF Outlet CenterA Philadelphia-based real estate company has tentatively agreed to buy the sprawling VF Outlet Center in Wyomissing.

VF Corp. spokeswoman Vanessa McCutchen declined to disclose the price. Apparel manufacturer VF Corp. of North Carolina is the parent company of VF Outlets.

“We have reached a tentative agreement with the prospective buyer, Equus Capital Partners, Ltd., and are working through the many details that accompany the sale process,” McCutchen said in an email.

An Equus representative could not be reached Monday.

Equus, a private equity fund real estate manager, oversees a portfolio of about $4 billion in assets, according to its website. Such companies pool money from investors to turn a profit on property. The firm may make small changes or drastic redevelopment.

Equus has more than 17 million square feet of office, industrial and retail properties, and more than 12,000 apartment units in more than 52 multifamily communities across the U.S., its website says.

“VF is committed to the redevelopment of the property in a way that is good for the community and as we have confirmed previously, the property is for sale and this process continues,” McCutchen said. “Once all phases of the process are complete, we hope to close with the buyer this fall.”

The 51-acre property’s retail occupancy is about 50 percent of what it was in the mid-90s, according to McCutchen.

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