Lightstone Group closes on $48m retail buys.
The properties are the 445,000-square-foot Shawnee Mall in Shawnee, Oklahoma and the 697,000-square-foot Brazos Mall in Lake Jackson, Texas.
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, Chairman and Principal of The Lightstone Group, commented, "This isn't rocket science. Find a good mall in a good area that has upside potential. 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 malls as yet another option for them within both The Lightstone Group and Prime's diverse retail portfolio."
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|Title Annotation:||New Jersey|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Feb 9, 2005|
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