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GREAT NECK, NY-Larry Feldman, chairman and CEO of Feldman Mall Properties, said during a conference call that the locally based public company intends to "be a profitable niche player in mall renovation. We're not trying to be a mega-mall owner." To that end, the company is planning some upgrades at some of its properties. "There is nothing on radar on acquisitions. We filled our target and the company will focus exclusively on redevelopment."

The REIT's recent purchases include Northgate Mall in Cincinnati for $110 million, Tallahassee (FL) Mall for $61.5 million and the Colonie Center in Albany for $82.2 million. Northgate and Tallahassee are expected to close after June 30. If all goes as planned, the company's portfolio, including non-owned anchor tenants, will consist of six regional malls aggregating approximately 6.2 million sf.

The company also obtained a $75-million, three-year mortgage on Stratford Square Mall in Bloomingdale, IL. Feldman signed a letter of intent with Century Theaters for a stadium-seating at the property. "This will not be a cookie-cutter theater," Feldman said, adding that he expects it will be one of the "finest facilities" in the Chicago area. "It will create the look and feel of an old movie theater with modern technology." In total, the company plans $20 million of capital improvements to be completed by the second half of 2006 including a streeetscape restaurant area. Shop occupancy, excluding temporary tenants and anchor tenants, was 67.7% at March 31.