Lightstone bought a 17-property portfolio of shopping centers from Acadia last spring. As part of that sale, Acadia retained a $6.3 million senior preferred interest in Lightstone's holding company.
"This transaction will allow us to significantly upgrade these assets and create new leasing opportunities for tenants within the portfolio," according to Sean Donahue, Lightstone's director of acquisitions.
The purchase by Lightstone will cut the interest rate to 4.25% over the life of the loan, resulting in a significant increase in cash flow, according to Donahue. That increased cash flow "will be used to re-lease the vacant Ames stores at four of the former Acadia shopping centers, as well as the redevelopment of Northside Mall in Dothan, AL," he concludes.
Lightstone currently owns and/or manages a portfolio that includes some 15,000 apartment units, as well as office, industrial and retail properties totaling more than 8.5 million sf of space in 16 states and Puerto Rico.
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