April 7, 2005
A New Jersey group has contracted to purchase two Belz outlet centers in Orlando, Fla., in a deal estimated to be worth $180 million to $200 million.
The Lightstone Group has contracted to buy the two centers, one 700,000 square feet and the other 200,000 square feet, which are located just miles from Walt Disney World, according to a report in GlobeSt.com. The two centers were built by Belz Enterprises in stages between 1981 and 1998.
Belz Factory Outlet World has 170 brand-name stores. They include Foot Locker, the Gap Outlet, Mikasa Factory Outlet, Liz Claiborne, Nautica and Van Neusen Factory Store. Belz Factory Outlet World comprises two fully enclosed malls and four annexes. The properties face Interstate 4 and the Florida Turnpike, the state’s busiest intersection with estimated 80,000 vehicles passing daily.
Belz also has outlet malls in St. Augustine, Fla., Pigeon Forge, Tenn., Las Vegas, and San Juan, Puerto Rico.
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