Lightstone Group Ups Ownership in 3 Retail Outlets after $388M Refinancing
By Colleen Corley, News Writer
After undergoing a $388 million refinancing, three retail properties in Maryland, Michigan and Virginia are now under new ownership. The Lightstone Group upped its 30 percent ownership stake in the properties, which total 1.5 million square feet. The company's chief investment officer, Angela Mirizzi-Olsen (pictured), said the investment was a portfolio-strengthening move.
"These are our core assets, and we're expanding them and enhancing them," she told CPN. "We're watering the flowers."
The Lightstone Group is taking 100 percent ownership in Prime Outlets-Hagerstown, Maryland; Prime Outlets-Birch Run; and Prime Outlets-Williamsburg, Va., which Mirizzi-Olsen said is the company's most profitable center in its outlet portfolio.
The Lightstone Group will add another retail pad to the Williamsburg site and invest money in improving and repositioning all the properties, she said. Prime Retail Inc., a Lightstone Group subsidiary, will continue to operate and manage the properties.
The company will continue to strengthen its core portfolio by selling off those assets that have "maximized their value," including an Ohio property that is currently on the market, Mirizzi-Olsen said.
