More details on the transaction will be available in 30 days, Lichtenstein told GSR. 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.

The Georgia and North Carolina centers could be possible redevelopment opportunities, according to Lichtenstein. "Everything we touch we improve. We're always upgrading; we're always looking to be on the cutting edge of retail," he said from the floor of the International Council of Shopping Centers spring convention here.

Lightstone, which owns a portfolio of traditional regional malls, has been adding high-end outlet tenants that have a presence in the Prime portfolio to those centers. Lightstone acquired Prime in late 2003 for $626.5 million.