Lightstone's Outlet Retail Subsidiary Adding 1.5MSF Thru 2009

New Outlet Retail Space Coming to FL, TX, VA and CA

Baltimore-based Prime Retail, subsidiary of Lightstone Group and owner of a portfolio of retail centers totaling 15 million square feet, announced an "aggressive 24-month consturction agenda" this week involving plans to construct nearly 1.5 million square feet by the close of 2009.

Bob Brvenik, Prime Retail president, said Prime's goal is to "redefine" the industry by creating high quality retail destinations. "Never before has this category experienced such an incredible surge of support and demand for evolution from both consumers and merchants alike-our goal is to truly redefine and recreate the industry."

Among the development projects being green-lighted by Prime Retail for 2008 are:

• Prime Outlets International (Orlando FL): 290,000-square-foot construction of an addition and a 200,000-square-foot renovation.
  
• Prime Outlets Puerto Rico: 155,000-square-foot expansion
  
• Prime Outlets St. Augustine (FL): 250,000-square-foot renovation and expansion
  
• Prime Outlets Williamsburg (VA): 115,000-square-foot expansion

Prime Retail's 2009 development plans include:

• Prime Outlets Ellenton (FL): 125,000-square-foot expansion
  
• Prime Outlets Grand Prairie (TX): 400,000-square-foot construction serving the Dallas/Fort Worth region
  
• Prime Outlets Livermore (CA): 420,000-square-foot construction at San Francisco's East Bay