Lightstone Takes Five Shopping Centers for $120M

"Another day, another great deal," says David Lichtenstein, chairman and principal of Lightstone of the centers, which are located in four states. "We're doing things in the retail market that are really shaking things up in the industry."

"Each of these five malls is located in a key growth market," says Bob Brvenik, president of Prime Retail. "They all have great teams in place ready to partner with our leasing and marketing resources. Coming into the busiest shopping season of the year, we couldn't be more ready to hit the ground running at these properties. Our tenant base will look at these enclosed malls as another option for them within Lightstone's retail portfolio."

Officials of PREIT could not be reached for comment.

The five properties include the 385,000-sf Bradley Square Mall in Cleveland, TN, which is anchored by Kmart, JCPenney, Sears and Profitt's department stores. In Martinsburg, WV, the 552,000-sf Martinsburg Mall is anchored by Wal-Mart, Sears, JCPenney and Bon-Ton department stores.

The acquisition also includes the 478,000-sf Mount Berry Square Mall in Rome, GA. The property is anchored by Sears, Profitt's, JCPenney and Belk stores. The two other properties in the transaction are both located in Pennsylvania. In Hermitage, the 509,000-sf Shenango Valley Mall features a tenant roster headed by JCPenney, Kaufman's and Sears. And in York, the 702,000-sf West Manchester Mall is anchored by Wal-Mart, Hecht's, Regal, Bon-Ton and Value City department stores.

The buy bumps Lightstone's portfolio to more than 25 million sf of office, industrial and retail space in 24 states and Puerto Rico. The company also has a portfolio of more than 16,000 residential units.