The Lightstone Group, one of the largest private owners of retail properties in the country, announced the acquisition of two outlet centers in Orlando, Fla: the 200,000 s/f Belz Designer Outlet Center and the 700,000 s/f Belz Factory Outlet World. The seller in this transaction was Estein & Associates USA Ltd., of Orlando.
David Lichtenstein, chairman and principal of The Lightstone Group, commented, “I’m a workaholic, and they didn’t believe me when I told them I was going to Disney World…now they know!”
The Lightstone Group plans to upgrade the centers, including significant architectural renovations and the additional of new national brand names, as well as food establishments. The Lightstone Group’s subsidiary Prime Retail will operate and manage the property.
Both outlet centers are centrally located in one of the fastest growing metropolitan areas in the United States, with a population of more than 1.6 million.
Belz Designer Outlet Center is located in the heart of the International Drive and Universal Studios tourist area. A block away is Belz Factory Outlet World, the largest non-anchored retail center of its kind in the country.
Financing for this transaction was provided by Wachovia.
