Lightstone Group closes on $48m retail buys.The Lightstone Group, one of the largest private owners of retail property in the country, announced it has closed on a $48.2 million acquisition of two retail properties from the Archon Group. The properties are the 445,000-square-foot Shawnee Mall in Shawnee, Oklahoma Shawnee is a city in Pottawatomie County, Oklahoma, United States. The population was 29,989 in July 2006 . The city is the county seat of Pottawatomie CountyGR6 and the 697,000-square-foot Brazos Mall in Lake Jackson, Texas Lake Jackson is a city in Brazoria County, Texas within the Houston–Sugar Land–Baytown Metropolitan Area. As of a 2004 U.S. Census Bureau estimate, the city population was 27,022. . In 2004, The Lightstone Group closed on approximately $1 billion in new acquisitions. The Lightstone Group's subsidiary Prime Retail will operate and manage the two properties. David Lichtenstein David Lichtenstein (1960-), founder and CEO of The Lightstone Group, is one of the largest private landlords in the United States. Lichtenstein attended Beth Medrash Govoha in Lakewood, N.J. It was there that he bought his first property on his credit card. , Chairman and Principal of The Lightstone Group, commented, "This isn't rocket science rocket science n. 1. Rocketry. 2. Informal An endeavor requiring great intelligence or technical ability. . Find a good mall in a good area that has upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar . Add the talent of our team, bring some excitement to the center, and you've got something that works. We're certainly not doing anything to win a Nobel or Pulitzer, just happy to have acquired some nice shopping malls in two good locations." Bob Brvenik, President of Prime Retail, stated, "We're excited about the phenomenal growth opportunities that exist in both of these markets. We're planning on invest ing in significant renovations and upgrades to these malls to breathe some new life into them. "They have great teams of professionals in place ready to partner with the power of our leasing and marketing resources. Coming into the New Year, we are ready to hit the ground running at these properties. Our relationships within the retail sector have earned us a reputation as the place to be, and we know that our committed tenant base will look at these enclosed en·close also in·close tr.v. en·closed, en·clos·ing, en·clos·es 1. To surround on all sides; close in. 2. To fence in so as to prevent common use: enclosed the pasture. malls as yet another option for them within both The Lightstone Group and Prime's diverse retail portfolio." |
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