"Anything worth having is worth waiting for," says David Lichtenstein, chairman and principal of Lightstone. "These retail centers are profitable, they are well-maintained and are successful in meeting the needs of the local communities. Persistence, focus and discipline are the keys in the marketplace, and these characteristics were well represented in this acquisition."

Lichtenstein attributes the delayed time frame for the transaction to "accommodating the complex details involved in the purchase of the properties."

The properties include Millburn Mall in Vauxhall, NJ, a community shopping center built in 1962 and anchored by a Drug Fair unit. The second property, also built in 1962, is the Browntown Shopping Center in Old Bridge, NJ, anchored by Drug Fair and the New York Sports Club.

The final property in the portfolio acquisition is the Newbridge Shopping Center in Bergenfield, NJ, which is anchored by a Rite Aid drug store. Combined, the three centers are currently fully leased with a total of 84 retail tenants.

John Powers, senior vice president of Wachovia Bank's Real Estate Financial Services Group, coordinated the financing of the acquisition for Lightstone. No further financial details of the transaction were released.

Lightstone, which has been rapidly expanding its retail holdings throughout the country, including several recent acquisitions, has a portfolio of more than 8.7 million sf of office, industrial and retail properties in 16 states and Puerto Rico. The 15-year-old company also owns and/or manages more than 15,000 apartment units.