Lightstone In $170M Mall Deal

LAKEWOOD, NJ-The Lightstone Group has acquired two regional malls in the South from Birmingham, AL-based Colonial Properties Trust for $170 million. Lightstone executives first gave GSR preliminary details about the deal in May.

The two centers are the 1.4 million-sf Colonial Mall Macon (GA) and the 415,000-sf Colonial Mall Burlington (NC). Lightstone officials say they will upgrade the tenants at both centers and make other improvements.

Belk, Dillard’s, J.C. Penney, Matthews, Parisian and Sears anchor Colonial Mall Macon. The two-story center has 200 specialty stores and opened in 1969.