The transaction follows by about six months the company's acquisition of five shopping centers from PREIT, and its acquisition just over a year ago of the Baltimore-based Prime Retail. The latter deal brought 36 outlet shopping centers into the Lightstone fold. Prime Retail will manage and lease the two latest acquisitions for Lightstone. The latest acquisition bumps the 16-year-old Lightstone Group's holdings to more than 26 million sf of varied commercial and residential space in 25 states and Puerto Rico.

"This isn't rocket science," says David Lichtenstein, chairman and principal of the locally based Lightstone. "Find a good mall that has upside potential, located in a good area, bring some excitement to the center, and you've got something that works.

"We're planning on investing in significant renovations and upgrades to these malls to breathe some new life into them," adds Bob Brvenik, president of Prime Retail, who joined the company after its acquisition by Lightstone in late 2003. "They have great teams of professionals in place. Coming into the new year, we are ready to hit the ground running at these properties. We know that our committed tenant base will look at these malls as yet another option for them within our portfolio."