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Lakewood, NJ - Lightstone Buys $456M Retail Outlet Interest

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Published on: 07-03-08 at 08:19 AM
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David Lichtenstein CEO of Lightstone Group
David Lichtenstein CEO of Lightstone Group
Lakewood, NJ - The Lightstone Group Value Plus REIT is taking a minority interest position in 20 factory outlets as well as receiving rights to four development projects in a $456 million deal. The REIT acquired the package from Arbor Mortgage, an affiliate of Arbor Mortgage REIT–a structure that puts Lightstone REIT on the same co-investor footing with Lightstone Group in the deal. Lightstone REIT did not return a call to GlobeSt.com.

To finance the transaction, Lightstone Value Plus REIT is advancing $91.2 million in cash and shares of its operating partnership, with an additional pro rata share of existing mortgage debt that has an interest rate of 5.5%. The interest in the properties, which are located in 15 states, varies from 22.5% to 25%. Retailer Prime Outlets manages the centers, which total nearly 7.3 million sf and have an occupancy rate of 93.4%.

The acquisition is expected to deliver a steady cash flow to Lightstone, Stephen Hamrick, president of Lightstone Value Plus REIT, says in a prepared statement. “We’re fortunate to have the opportunity to invest in a niche industry leader with a portfolio of nationally recognized factory outlet shopping centers,” he says, adding that “Prime’s successful execution on the opportunities within its development pipeline should create attractive future investment opportunities for the REIT.”

Founded by David Lichtenstein in 1988, The Lightstone Group has grown to become one of the largest privately held real estate companies in the United States.


News Source:  Globest.com


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15 Comments



  • HELLOOOO?? Says:
    comments - arrow It's great to see another yid being matzliach! H eshould continue to have much success.

    07-03-2008 - 8:26 AM

  • Anonymous Says:
    comments - arrow who is he giving maaser to?

    07-03-2008 - 8:30 AM

  • Anonymous Says:
    comments - arrow he is giving it to hillary

    07-03-2008 - 10:18 AM

  • anon Says:
    comments - arrow Thats the problem with us these days...It aint nobody's business who he gives his money to!!!

    07-03-2008 - 10:26 AM

  • Anonymous Says:
    comments - arrow GO to his house on purim and you can see where all the maser goes. He gives out Thousands & thousands of dollars on Purim & all year round.

    07-03-2008 - 10:33 AM

  • Anonymous Says:
    comments - arrow mi k'amcha yisroel

    07-03-2008 - 10:34 AM

  • Sheesh! Says:
    comments - arrow anon Says:
    Thats the problem with us these days...It aint nobody's business who he gives his money to!!!
    07-03-2008 - 10:26 AM


    BEST AND MOST TRUE COMMENT OF THE DAY!!!!!!!!!


    If only everybody would mind their own biz-things would be alot better. Everybodys gotta know everything about everyone. I mean-what the heck-25 years ago people didnt ask you why you don't have second child when your kid is 4...25 years ago people didn't talk about everyones financial situation in the mikvah...I can go on and on...but i'm sure people get the point.

    MIND YOUR OWN BUSINESS. PERIOD.

    07-03-2008 - 11:42 AM

  • anonymous Says:
    comments - arrow David is putting out these press releases specifically to get everyone to talk about him.

    07-03-2008 - 12:17 PM

  • lupa Says:
    comments - arrow david is a great guy-i no

    07-03-2008 - 2:16 PM

  • AK Says:
    comments - arrow Anonymous Says:
    who is he giving maaser to?
    07-03-2008 - 8:30 AM
    ==============================
    One thing is for sure its not going to BMG.

    07-03-2008 - 2:21 PM

  • Anonymous Says:
    comments - arrow I know David quite well. A tzaddik of a guy and a big talmid chacham to boot. May he continue having hatzlacha!! No need for negative comments. He does not deserve it.

    07-03-2008 - 4:09 PM

  • Sheesh Says:
    comments - arrow Why can't you people "Fargin" this person and be happy for another jew which is successful????. I don't know him and never met him, but i'm just happy for him and may no "ayin hara" ever come upon him.

    07-03-2008 - 8:12 PM

  • Anonymous Says:
    comments - arrow 
    rumor has it that he's doing a big party for Obama

    07-03-2008 - 8:13 PM

  • Anonymous Says:
    comments - arrow I mean-what the heck-25 years ago people didnt ask you why you don't have second child >>>>>>>>

    And nobody is asking that question today either.


    If people are asking you this question then they are crazy.

    Today the question is when are you having your 14th?

    Your old fashion.

    07-03-2008 - 11:53 PM

  • Anonymous Says:
    comments - arrow WHAT A BUNCH OF MORONS. It is none of your business who, where or how he gives maaser. If you would pay attention to your own business then perhaps you would be able to be in the same position as this man. BUt no you must make stupid statements and stick your nose where it does not belong. This is a matter for Ha Kodesh Boruchu and the individual. Period MIND YOUR OWN BUSINESS AND BE HAPPY THAT ANOTHER PERSON IS SUCCESSFUL.

    07-04-2008 - 7:32 PM



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