$48m deal 'not rocket science' says Lightstone chairman.
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 investing 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."
Headquartered in Baltimore, Maryland, Prime Retail is one of the largest and most successful owners of retail centers in the U.S.
Its portfolio spans approximately 13 million square feet throughout major markets of the United States and Puerto Rico.
The company has embarked on a multi-million dollar re-investment and re-branding initiative and is positioned to become the leading retail outlet company in the industry.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Jan 5, 2005|
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