ORLANDO, Fla., Feb. 17, 2011 /PRNewswire/ -- The Lightstone Group, one of the largest private real estate owners in the country, in conjunction with Paragon Outlet Partners, announced today the acquisition of Festival Bay Mall in Orlando, Fla., a 750,000-square-foot shopping center that sits on 139 acres, for approximately $25 million.
Lightstone's goal is to reposition the asset, which is located minutes from Universal Studios, Sea World, Walt Disney World and the Orange County Convention Center.
"Festival Bay is an excellent opportunity for Lightstone as it represents a strong strategic fit for our existing retail portfolio," stated David Lichtenstein, Chief Executive Officer of the Lightstone Group. "This acquisition is a strong representation of what the future holds for Lightstone. We are concentrating on new deals in not only the retail sector, but in both multifamily and hospitality."
Lightstone was the successful purchaser of Festival Bay because it had wherewithal to close the transaction before the end of last year.
Opened in 2003, Festival Bay Mall is a 750,000-square-foot, single-level and enclosed entertainment and shopping center located at 5250 International Drive in Orlando, Fla. The center is home to many retailers and entertainment venues including anchors Bass Pro Shops Outdoor World, Cinemark 20 Theatres, Ron Jon Surf Shop, Sheplers Western Wear and Vans Skatepark.
About The Lightstone Group
Founded in 1988, The Lightstone Group 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 Group