Transaction Marks Second Atlanta-Area, Kroger-Anchored Purchase Within a Year

STONE MOUNTAIN, Ga., Nov. 9, 2011 /PRNewswire/ -- The Lightstone Value Plus Real Estate Investment Trust, Inc. ("LVPR") today announced the acquisition of Crowe's Crossing, a 93,728-square-foot, grocery-anchored shopping center in Stone Mountain, Ga. LVPR acquired the site, which is anchored by a Kroger supermarket, from Torchlight Investors for $7.5 million. The acquisition was financed using non-recourse CMBS debt.

This is the second Atlanta-area, Kroger-anchored shopping center purchased by LVPR in the past year. Previously, LVPR acquired Everson Pointe Shopping Center, an 81,428-square-foot, Kroger anchored shopping center in Snellville, Ga.

"The acquisition of Crowe's Crossing is a strong example of Lightstone's focus on acquiring well anchored shopping centers in good locations with a value-add component," said Akiva Elazary, The Lightstone Group's Vice President of Investments. "This acquisition expands our Atlanta retail portfolio, and we are currently aggressively pursuing additional acquisitions in the Southeast."

Jay Wiseman, The Lightstone Group's Senior Vice President of Investments, added: "We are particularly pleased with this property's significant discount to replacement cost, which positions the property for aggressive leasing."

Crowe's Crossing is located in DeKalb County, the third most populous county in Georgia with over 737,000 residents. The county is projected to grow by an additional 5.4 percent over the next five years. The center is anchored by a strong performing Kroger grocery. Kroger recently executed a long-term lease renewal, and completed and opened a new Fuel Center, demonstrating their commitment to the property.

The transaction was brokered by Richard Reid  of Holliday Fenoglio Fowler, L.P. The center will be managed and leased by Retail Planning Corp.

To learn about leasing opportunities at Crowe's Crossing or Everson Pointe, please contact Michael Allen at 770-956-8383 or michaelallen@retailplanningcorp.com.

About LVPR

LVPR is a non-traded REIT sponsored by The Lightstone Group ("Lightstone").  Founded in 1988 by David Lichtenstein, Lightstone has grown to become one of the largest privately held real estate companies in the United States.  Its diversified portfolio of industrial, office, retail and residential real estate assets includes 10 million square feet of commercial space and more than 8,000 multifamily units in 20 states and Puerto Rico.  

The Lightstone Group manages its business through operating platforms, each focused on a specific real estate asset class.  Headquartered in New York, The Lightstone Group employs more than 500 professionals.  For more information, visit www.lightstonegroup.com.

SOURCE The Lightstone Value Plus Real Estate Investment Trust, Inc.

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