In May 2005, Lightstone acquired the 700,000-sf Belz Factory Outlet World and the 200,000-sf Belz Designer Outlet Center in south Orlando, as GlobeSt.com previously reported. Lightstone declined to disclose the purchase price at that time but sources close to the deal told GlobeSt.com the price was in the $180-million range, or about $200 per sf. Lightstone paid $101.56 per sf for the St. Augustine asset.

Of the St. Augustine's purchase, Edward Devereaux, president of Lighthouse Securities, the REIT's dealer manager, says in a prepared statement the acquisition is "a high-quality asset in one of the hottest markets in the country."

Lightstone officials couldn't be reached by GlobeSt.com's publication deadline to learn the identity of the seller in the deal. Orlando-based Epstein & Associates USA Ltd. sold Lightstone the two Orlando properties.

The REIT's sponsor in the St. Augustine deal was David Lichtenstein, chairman and CEO of the Lightstone Group. Prime Retail Property Management LLC, Lightstone's retail management arm, will manage Belz Outlets. The center at 500 Belz Outlet Rd. will be re-branded as a Prime Retail Outlet Center. Prime manages 15 million sf of former Belz Outlets assets. They are Prime Outlets-Orlando; Prime Outlets-Florida City; Prime Outlets-Naples; and Prime Outlets-Ellenton.