Lightstone sells six-center retail portfolio for $16m.
Encompassing 720,000 s/f of retail space, this portfolio was sold by The Lightstone Group, which was represented by Jeffrey Wiener, president and co-managing director, while Matthew Weilheimer, vice president, represented the buyer, WP Realty.
"The Lightstone Group is a long-time client of The Kislak Company, and we are pleased to have assisted the company once again with its real estate objectives. This is the second time we have sold these properties, so our knowledge and familiarity of the marketplace was a tremendous asset in finding the perfect buyer," said Wiener.
In 2002, Kislak sold a 17-center portfolio that included these six centers to The Lightstone Group. "Because of our familiarity with the properties, record of success and strong client relationships, Lightstone entrusted us with an exclusive listing agreement to resell these six assets." Wiener added.
"I am thrilled that we were able to once again help Lightstone."
Kislak is well-known for meeting the investment real estate objectives of varying types of clients from individual investors and smaller regional firms to large national owners.
The Lightstone Group, headquartered in Lakewood, New Jersey, currently owns a diverse portfolio of more than 20,000 apartments and 30 million square feet of commercial and retail space in 25 states, the District of Columbia and Puerto Rico.
WP Realty, headquartered in Bryn Mawr, Pennsylvania, currently owns and operates over 7 million square feet of space located throughout the Northeast and 550 apartment units in southern New Jersey.
"This transaction fits the scope of WP Realty's existing real estate portfolio, thus enhancing its presence in the retail sector in Pennsylvania and New York. The acquisition of the Alabama center marks their entry into that market," stated Weilheimer.
"They are planning a major renovation program at the centers with the goal of attracting national retailers to the site," he added.
The portfolio includes Troy Plaza a 131,000 s/f shopping center anchored by Big Lots in Troy, New York.
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|Title Annotation:||NEW JERSEY|
|Comment:||Lightstone sells six-center retail portfolio for $16m.(NEW JERSEY)|
|Publication:||Real Estate Weekly|
|Date:||Mar 7, 2007|
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