Search
 

Lightstone Buying Two Malls For $175M

EXCLUSIVE: LAS VEGAS-Company officials will not disclose the names of the malls, but they are in the suburbs of large cities in Georgia and North Carolina. David Lichtenstein, the company's chairman and principal, says he expects to release more information about the deal in about 30 days. The transaction comes after the purchase of two outlet malls in Orlando. Lichtenstein told GSR in October that the company was looking to acquire more regional malls, as well as acquire and build outlet centers through its Prime Retail holding.

By Ian Ritter | Updated on May 24, 2005

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 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.