Festival Bay Mall in Orlando sold for $25 Million

Festival Bay Mall was taken over on Dec. 8 by a firm tied to the former owner of the neighboring Orlando Premium Outlets-International Drive — something real estate sources had been buzzing about for the last several months, as previously reported by Orlando Business Journal.

Baltimore, Md.-based FB Orlando Acquisition Co. LLC, an entity created Nov. 23, bought the 1.1 million-square-foot enclosed mall on International Drive for $25 million from BT Orlando LP, an entity related to Memphis, Tenn.-based Belz Enterprises Inc., Orange County records showed. David Lichtenstein, CEO of the former outlet center owner’s parent company The Lightstone Group, was listed as FB Orlando Acquisition Co.’s managing member, state records showed.

Officials from the new mall management company Paragon Outlets, a related entity of Lakewood, N.J.-based The Lightstone Group, were unavailable for comment by press time.

SOURCE: Orlando Business Journal