Granite makes solid $175m in mall sales.

Granite Partners LLC, a New York-based real estate investment banking firm, has arranged the sale of two retail malls in a transaction totaling $175 million.

Granite represented Colonial Properties Trust of Birmingham, Alabama in the sale of Macon Mall, a 1.4 million square foot mall located in Macon, Georgia and Burlington Mall, a 415,000 square foot mall located in Burlington, North Carolina. Both of the properties were purchased by the Lightstone Group of Lakewood, New Jersey.

"The sale of Macon and Burlington Malls were completed despite a number of challenges including the pending addition of new competitive retail properties within each market," said John D. Lyons, President and CEO of Granite Partners.

"The completion of this assignment is also a further indication of the continued popularity of Class B malls with upside opportunity as a preferred investment and for retail properties in general."

Macon Mall is one of the largest super-regional malls located in the southeastern United States and one of only two that features six anchor department stores, including Sears, Dillard's, JCPenney, Belk, Rich's and Parisian.

Burlington Mall is anchored by Sears, Belk and JCPenney and is located in one of the fastest growing regions in the nation, approximately mid-way between Greensboro-Winston-Salem-High Point and Raleigh-Durham-Chapel Hill.