ICSC EXCLUSIVE: Lightstone Buying Two Malls for $175M

Ian Ritter is national online editor of GlobeSt.RETAIL.

LAS VEGAS-The Lightstone Group, owner of outlet center chain Prime Retail, is buying two super-regional malls totaling two million sf, one in North Carolina and one in Georgia, for $175 million, sources say. David Lichtenstein, Lightstone’s chairman and principal, would not disclose the names of the centers or the seller, but did say they are located in suburbs of major metro areas and being sold by a “well-known REIT.”

More details on the transaction will be available in 30 days, Lichtenstein says. Those potential acquisitions, along with the recent purchase of two outlet malls in Orlando, will cost Lakewood, NJ-based Lightstone a total of $400 million, he says.