SNELLVILLE, Ga., Feb. 3, 2011 /PRNewswire/ -- The Lightstone Value Plus Real Estate Investment Trust (REIT) I announced today the acquisition of Everson Pointe Shopping Center, an 81,428-square-foot shopping center in Snellville, Ga.
"We are very excited about the acquisition of Everson Pointe Shopping Center. We like the property's strong grocery anchor, its stable cash flow and the opportunity to add value through lease up of vacant spaces as the economy improves," stated Akiva Elazary, vice president of the Lightstone Group. "This acquisition provides us with an initial toehold in the Atlanta retail market, and we are currently aggressively pursuing additional acquisitions in the Southeast."
Long-term, non-recourse acquisition financing was provided by State Bank and Trust of Georgia. The transaction was brokered by Richard Reid and Mike Cale of Holliday Fenoglio Fowler, L.P.
Everson Pointe is located in Gwinnett County, the fastest growing county in the Metro Atlanta, and is situated in a high-income area at 3035 Centerville Highway off of U.S. Highway 124. A well performing grocery retailer, Kroger, anchors the center.
To learn about leasing opportunities at the Everson Pointe Shopping Center or other retail centers owned by the Lightstone Group, please contact Jeffrey Dash at email@example.com or by calling (908) 688-8300.
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.
About The Lightstone Value Plus REIT
The investment objectives of the REIT are primarily capital appreciation with a secondary objective of income. For more information, visit www.lightstonereit.com.
SOURCE The Lightstone Group