Lightstone sells six-center retail portfolio for $16m.
The Kislak Company, Inc. recently completed the $16 million sale of a six-center retail portfolio in Alabama, New York Alabama is a town in Genesee County, New York, United States. The population was 1,881 at the 2000 census. The village is named after the State of Alabama.
The Town of Alabama is in the northwest part of the county. and Pennsylvania.
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 District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. .
WP Realty, headquartered in Bryn Mawr, Pennsylvania Bryn Mawr is a census-designated place (CDP) in Lower Merion Township, Montgomery County, Pennsylvania, just west of Philadelphia along Lancaster Avenue (US-30) and the border with Delaware County. , 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 New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . 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 shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into anchored by Big Lots in Troy, New York Troy is a city in New York, U.S., and the county seat of Rensselaer County. As of the 2000 census, the population was 49,170; in 1910, the population was 76,813. The city's motto is Ilium fuit, Troja est, which means "Troy was, Troy is. .