After United States commercial real estate markets demonstrated general signs of stabilization for 2010, and while 2011 looks like another strong year for the industry, many real estate investors began acquiring several commercial properties like office buildings and big shopping center across major CRE markets. Recently, the private real estate company, Lightstone Group has acquired a shopping center at 5250 International Drive in Orlando, Florida.
Another shopping complex located in Taunton, Massachusetts, was also acquired recently by a real estate company — Cedar Shopping Centers from RioCan Real Estate Investment Trust for $23.5 million
Festival Bay Mall, the 750,000 square feet shopping center, with 139 acres area space, is acquired by Lightstone for $25 million. According to company information, the property will be repositioned for marketing purposes.
The shopping center is said to be minutes away from popular sites like the Orange County Convention Center, Walt Disney World’s theme parks, Sea World, and Universal Studios.
According to the Lightstone Group’s Chief Executive Officer, David Lichtenstein, the shopping center is a good addition for Lightstone’s existing retail portfolio, as it is situated in a strong strategic point that fits to the company’s goals.
Lichtenstein added that Lighstone will also concentrate on both multifamily and hospitality sector of the commercial real estate market.
The company succeeded in acquiring the shopping center because it has the means (finances) to close the deal before the end of 2010.
Major tenants in the single-level and enclosed shopping center include Monkey Joe’s, Bass Pro Shops Outdoor World, Journeys, Bergamo’s Italian Restaurant, Putting Edge Fun Center, Icing by Claire’s, Hot Topic, PacSun, Cinemark 20 Theatres, Sheplers Western Wear and BCBGMAXAZRIA.