In May 2005, Lightstone acquired the 700,000-sf Belz Factory Outlet World and the 200,000-sf Belz Designer Outlet Center in south Orlando, as GlobeSt.com previously reported. Lightstone declined to disclose the purchase price at that time but sources close to the deal told GlobeSt.com the price was in the $180-million range, or about $200 per sf. Lightstone paid $101.56 per sf for the St. Augustine asset.

Of the St. Augustine's purchase, Edward Devereaux, president of Lighthouse Securities, the REIT's dealer manager, says in a prepared statement the acquisition is "a high-quality asset in one of the hottest markets in the country."

Lightstone officials couldn't be reached by GlobeSt.com's publication deadline to learn the identity of the seller in the deal. Orlando-based Epstein & Associates USA Ltd. sold Lightstone the two Orlando properties.