Printer Friendly

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 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."
COPYRIGHT 2005 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:New Jersey
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NJ
Date:Feb 9, 2005
Words:271
Previous Article:Arbor closes CMBS loans.
Next Article:Garibaldi Group to handle 359,000 s/f assignment.
Topics:


Related Articles
ASC changes name to The Lightstone Group. (Energy Resources & Management).
Sales. (On the Real Estate Scene).
Lightstone Group closes $120m retail acquisition.
$48m deal 'not rocket science' says Lightstone chairman.
Village finances restructured.
Granite makes solid $175m in mall sales.
$430m Dunne deal as retail portfolio goes under hammer.
Lightstone refinances $23m New Jersey shopping centers.
Lightstone closes $800m refinancing of retail centers.
Lightstone sells six-center retail portfolio for $16m.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters