Lightstone Group Acquires Festival Bay Mall
The Lightstone Group, a privately held real estate company, acquired a 750,000-square-foot shopping center in Orlando, Fla., for approximately $25 million.
Opened in 2003, Festival Bay Mall is a single-level, enclosed entertainment and shopping center. The center is home to many retailers and entertainment venues including anchors Bass Pro Shops Outdoor World, Cinemark 20 Theatres, Ron Jon Surf Shop, Sheplers Western Wear and Vans Skatepark.
The New York-based company purchased the property in conjunction with Paragon Outlet Partners before the end of last year.
“Festival Bay is an excellent opportunity for Lightstone as it represents a strong strategic fit for our existing retail portfolio,” said David Lichtenstein, CEO of the Lightstone Group. “This acquisition is a strong representation of what the future holds for Lightstone. We are concentrating on new deals in not only the retail sector, but in both multifamily and hospitality.”
With the acquisition, Lightstone’s goal is to reposition the asset because it is located minutes from Universal Studios, Sea World, Walt Disney World and the Orange County Convention Center.