LAKEWOOD, NJ-The Lightstone Group, based here, has launched Lightstone Value Plus Real Estate Investment Trust, a non-traded public REIT. The offering is being distributed on behalf of the parent by the firm's Lightstone Securities LLC, based in New York City.And the offering has its first major investor. To get it off and running, David Lichtenstein, chairman, CEO and founder of the Lightstone Group, has made a personal commitment of $30 million to the REIT.The target investment for the trust, according to Lichtenstein, will be "residential and commercial real estate properties that will generate immediate cash flow, but also offer upside potential for increased cash flow through operational improvements, asset repositioning and reasonable capital improvements."Those investments in "attractively priced individual properties" will be in "markets with good economic potential, improving real estate fundamentals and supply constraints that make new development difficult," according to a summary statement issued on behalf of the trust. "The trust will use leverage where a positive spread exists between interest rates and in-place property cash flow. The portfolio may be leveraged 65% to 75%."The offering is being priced at $10 per share, with a minimum investment of $1,000, according to Lichtenstein. Lightstone will also pay all upfront fees of the Trust, including the legal, sales and offering costs that are normally borne by investors.Of late, the Lightstone Group has been on a buying spree, aggressively picking up commercial properties nationally, primarily retail and residential. The firm has also established a track record of going for the value-added play. Currently the parent firm's portfolio numbers more than 175 properties in 26 states, including more than 14,000 apartments and a number approaching 20 million sf of office, industrial and retail space.The newly minted Lightstone Value Plus REIT has yet to buy any properties. "We have not identified any properties to acquire with the offering proceeds," according to the statement. Any properties that are acquired by the REIT will be managed and operated by Lightstone.