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Feldman Buys Stratford Square for $93M

BLOOMINGDALE, IL-The Great Neck, NY-based retail reposition specialists plan about $20 million in capital improvements and stepped-up marketing to improve occupancy as well as sales, which were $275 per sf in 2003.

By Mark Ruda | Updated on January 04, 2005

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BLOOMINGDALE, IL-Great Neck, NY-based Feldman Mall Properties, Inc. has bought the 1.3-million-sf Stratford Square Mall for $93.1 million, promising to raise the center’s profile and tenant mix. The mall’s competitors include Woodfield Mall in Schaumburg and Oak Brook Shopping Center in that DuPage County suburb.

Using a $75-million loan pegged at LIBOR plus 125 basis points, the Long Island retail reposition specialists will spend approximately $20 million on capital improvements, including upgrading and expanding a four-screen movie theater and adding sit-down restaurants. Now anchored by Kohl’s, Sears, Carson Pirie Scott, Marshall Fields, JCPenney and Burlington Coat Factory, the center may get at least one more “junior” anchor tenant, Feldman Mall Properties officials say.

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