Lightstone dumps 720,000 square feet

Improvements planned

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The Kislak Co. Inc. arranged the sale of a six-center retail portfolio in Alabama, New York and Pennsylvania for $16 million. The Lightstone Group sold the six buildings totaling 720,000 square feet to Bryn Mawr, Pa.-based WP Realty, which operates throughout the Northeast. This transaction marks WP Realty's entry into the Alabama market. The portfolio includes: Circle Plaza, a 92,000-square-foot community shopping center anchored by K-Mart in Shamokin Dam, Pa.; Kingston Plaza, a 65,000-square-foot community shopping center in Kingston, Pa.; Midway Plaza, a 207,000-square-foot retail shopping center anchored by Office Depot in Opelika, Ala.; Plaza 15, a 120,000-square-foot retail shopping center anchored by Save-A-Lot in Lewisburg, Pa.; Shamokin Plaza, a 99,000-square-foot community shopping center in Shamokin, Pa.; and Troy Plaza, a 131,000-square-foot retail shopping center anchored by Big Lots in Troy, N.Y. WP Realty, which specializes in taking underperforming centers and turni...