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Feldman Builds $150M-Plus War Chest

PHOENIX-Feldman Mall Properties expects to buy $150 million to $175 million of mall properties in the next nine months. The public REIT intends to leverage the acquisitions by mortgaging Colonie Center Mall in Albany, NY.

By Jennifer D. Duell | Updated on March 23, 2005

PHOENIX-Feldman Mall Properties Inc. plans to acquire $150 million to $175 million of regional mall properties before this year ends.

“We have an active and vibrant acquisitions pipeline,” Larry Feldman, the REIT’s CEO, said during yesterday’s fourth quarter earnings call. “We will do one or more acquisitions during the second quarter of 2005. We’re very confident that we’re going to hit our acquisitions target this year.”

The REIT, which has an office in Great Neck, NY in addition to the Valley, has spent $170 million on acquisitions since its IPO launched in December 2004: $82.2 million for Colonie Center Mall in Albany, NY and $93.1 million for Stratford Square Mall in Bloomingdale, IL. Another $20 million to $25 million has been earmarked for rehabbing both assets. Feldman currently owns four malls with 4.1 million sf.

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