Guitar Center Holds Gala Grand Opening at The Lightstone Group's Oakview Plaza North in Omaha, Neb.

OMAHA, Neb., May 10, 2011 /PRNewswire/ -- The Lightstone Group, one of the largest private real estate owners in the country, announced today that more than 1,200 people attended the gala grand opening of Guitar Center at Oakview Plaza North.

The retailer signed a 10-year, 18,000-square-foot lease at the center located at 3205 Oakview Drive. There were giveaways, sales and a live local band serenaded the guests.

"An event like this is great for the community," said David Lichtenstein, Chairman of the Lightstone Group. "We are pleased to continue our relationship with Guitar Center and hope they choose to expand in other Lightstone properties in the future."

Guitar Center is a tenant at two other properties in the Lightstone Group portfolio, North Attleboro, Ma. and Manchester, Ct.

Guitar Center is the largest chain of musical instruments in the world with 214 locations throughout the United States. Its headquarters is in Westlake Village, Calif. and its sister companies/subsidiaries incorporate Music & Arts Center, Musician's Friend, GuitarCenter.com, LMI, Giardinelli, Musician.com, Private Reserve Guitars, Woodwind and Brasswind and Harmony Central.

"This deal was a year in the making from the original introductions," explained Jeffrey Dash, vice president of leasing for Lakewood, N.J.-based Lightstone Group. "The site was formerly occupied by an Old Navy and it took three months to perform the demise and build out the facade to their specifications. There is no comparable music retailer in the area so this should be a huge draw."

This Guitar Center location is approximately 3,000 square feet larger than other locations the retailer has because it contains a state-of-the-art recording studio, available for rental. The studio also operates independently so it can be open at hours when the store is closed.

Robert J. Stannard, Vice President - Real Estate, Guitar Center Stores, Inc., said the retailer had been searching for the appropriate site in Omaha for several years and that the retailer looks for sites that have a good balance between good access, visibility, co-tenancy and the quality of the property.

"This shopping center is a top quality center with attractive buildings, ample parking and a good, safe, well-lighted shopping area for our customers," said Stannard. "We have worked with Lightstone before and have developed a good rapport with the Lightstone team. Despite uncooperative weather and an aggressive timeline, Lightstone did whatever was necessary to deliver the space to us and help us keep our scheduled Grand Opening timing.  We hope to have the opportunity to work with Lightstone again in the near future."

Built in 1999, Oakview Plaza is a power center that serves Omaha's westward expansion, and comprises of three single-story retail buildings located on approximately 19.6 acres of land and containing approximately 177,303 rentable square feet. It is located off of three major arterials, which allow easy access from any part of the metropolitan area. U.S. Highway 92 and West Center Road provide quick access east and west.

Other tenants include Famous Footwear, Men's Warehouse, PetSmart, Panera, Dick's Sporting Goods and Babies "R" Us.

To learn more about leasing opportunities at Oakview Plaza or throughout the Lightstone Group's portfolio of office, retail and industrial properties, contact Jeff Dash at [email protected].

About The Lightstone Group

Founded in 1988 by David Lichtenstein, The Lightstone Group has grown to become one of the largest privately held real estate companies in the United States.  Its diversified portfolio of industrial, office, retail and residential real estate assets includes 10 million square feet of commercial space and more than 8,000 multifamily units in 20 states and Puerto Rico.

The Lightstone Group manages its business through operating platforms, each focused on a specific real estate asset class.  Headquartered in New York, The Lightstone Group employs more than 500 professionals.  For more information, visit www.lightstonegroup.com.

SOURCE The Lightstone Group

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